3 Jun 2013 08:46
3 June 2013
Richland Resources Limited
("Richland" or "the Company") (AIM: RLD)
Update Regarding New Mining Licence, Block C Tanzania
Richland Resources Ltd, the gemstones producer and developer, today announces an update on the progress with its New Mining Licence.
On 6 May 2013, TanzaniteOne Mining Limited ("TML") announced the execution of a Letter of Intent ("LOI") with State Mining Corporation Tanzania ("STAMICO") regarding the terms upon which it is intended that the New Mining Licence will be held, how operations thereunder will be conducted and how costs and revenue will be allocated. The New Mining licence will be held jointly on a 50:50 basis between TML and STAMICO.
To date, TML has received its offer letter for the new Mining Licence and has paid the required processing fees. Communication received on 29 May from the Ministry of Minerals and Energy of Tanzania ("MEM"), stated that the Licence is currently awaiting final execution by the Minister of Energy and Minerals who is currently overseas and expected to arrive back in Tanzania later this week.
The Company has not been given an estimated date of when the licence will be signed by the Minister, but will update the market as soon as there are any further developments.
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For more information please contact:
Bernard Olivier
Chief Executive Officer
+61(0) 4089 48182
+255 (0) 767600993
Ed Nealon
Chairman
+61(0) 409 969 955
Nominated Advisor & Broker (AIM)
RFC Ambrian Limited
Samantha Harrison/Jen Boorer
+44 (0) 20 3440 6800
Newgate Threadneedle
Josh Royston/Richard Gotla
+44 (0) 20 7653 9850
Further information is available on the Company's website: www.richlandresourcesltd.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.