Last checked at 20 Dec 2011 15:41
For immediate release: 20 December 2011
Pathfinder Minerals Plc
("Pathfinder Minerals" or the "Company)
Update Regarding Status of Licences
&
Grant of Interim High Court Injunction
Further to the announcement of 25 November 2011, Pathfinder Minerals reports that it continues to await the outcome of the Ministry of Mineral Resources of Mozambique's (the "Ministry") investigation into the status of the Company's licences 4623C ("Moebase") and 760C ("Naburi"). The Company understands that the Ministry is actively investigating the situation and looks forward to its conclusion.
At the same time, the directors of Pathfinder Minerals, together with the Company's legal advisers in the UK and Mozambique, continue to pursue all avenues (both in the UK and Mozambique) to secure the Company's licences and resume project development.
In this connection, the Company yesterday applied for and was granted an interim injunction by the English High Court ordering:
(i) Jacinto Soares Veloso ("General Veloso"), a former director of Pathfinder Minerals and a current director of Pathfinder Minerals' subsidiary, Companhia Mineira de Naburi S.A.R.L. ("CMDN");
(ii) J.V Consultores Internacionais, Limitada a company controlled by General Veloso; and
(iii) Diogo Jose Henriques Cavaco, also a current director of CMDN
against taking any steps to interfere with the rights of ownership of the Company's wholly-owned subsidiary, IM Minerals Ltd, in the shares of CMDN (pursuant to the English law agreements by which they were acquired). The order is to apply until 12 January 2012, when a further court hearing has been scheduled to review the situation further.
Further announcements will be made in due course.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 7399 4371
Daniel Stewart & Company Plc
Paul Shackleton or James Thomas
Tel: +44 (0)20 7776 6550
M: Communications
Ben Simons or Maria Souvorov
Tel: +44 (0)20 7920 2340 /2327
Notes to Editors
Pathfinder Minerals Plc's subsidiary Companhia Mineira de Naburi S.A.R.L ("CMDN") was issued mining concession licence 4623C ("Moebase") on 13 July 2011 for a period of twenty-five years. The Moebase licence is in addition to licence 760C ("Naburi"), also granted in the name of CMDN for a period of 25 years ending in 2029. Taken together, these mining concessions cover approximately 32,000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon.
Pathfinder Minerals Plc is admitted to trading on AIM. Trading was suspended on 11 November 2011 at the Company's request, following notification from General Jacinto Soares Veloso of his resignation as a director and assertions by him that CMDN is no longer the licence holder.