27 Nov 2012 07:00
Richland Resources Ltd
("Richland" or "the Company") (AIM: RLD)
Confirmation of discussion with
Ministry for Energy and Minerals, United Republic of Tanzania
Richland Resources Ltd, the AIM quoted gemstones producer and developer, would like to confirm that the Company's subsidiary, TanzaniteOne Mining Limited ("TML"), is in discussions with the Ministry of Energy and Minerals.
The Minister for Energy and Minerals held public meetings in Arusha on 23 and 24 November with all stakeholders in the tanzanite industry, to address the various issues plaguing the industry, including, illegal mining and smuggling. As per the Minister's statements and subsequent media reports, the Company would like to confirm that TanzaniteOne Mining Limited is in ongoing negotiations with the Government of the United Republic of Tanzania ("Government") regarding the potential shareholding by the Government. The potential joint venture and shareholding currently under discussion relates to the ownership structure of the Mining Licence covering Block C, Merelani. Further announcements will be made as soon as these negotiations are concluded.
Bernard Olivier, Chief Executive Officer, commented today: "We are confident of reaching mutually beneficial terms for a joint venture partnership with the Government of Tanzania to enable the Company to continue and even grow its mining operations in Tanzania. The partnership will, amongst other things, ensure further assistance from the Government regarding the challenges that TML has faced, including illegal mining and the development and regulation of the tanzanite industry."
For more information please contact:
Bernard Olivier
Chief Executive Officer
+61(0) 4089 48182
Willi Boehm
Company Secretary
+61(0) 409 969 955
Nominated Advisor & Broker (AIM)
RFC Ambrian Limited
Samantha Harrison/Jen Boorer
+44 (0) 20 3440 6800
Joint Broker XCAP Securities PLC
Jon Belliss
+44 (0) 20 7101 7070
Newgate Threadneedle
Beth Harris/Richard Gotla
+44 (0) 20 7653 9855
+44 (0) 7979 955 923