Last checked at 4 Feb 2022 13:01
4 February 2022
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company')
Barroso Lithium Project Update
Action Brought Against the Republic of Portugal by Parish Council
Savannah, the resource development company focused on becoming Europe's most significant producer of spodumene lithium concentrate from its Barroso Lithium Project in Portugal, advises that its wholly owned subsidiary, Savannah Lithium Ltda., has been joined as the counter-interested party in litigation brought by the Parish of Covas do Barroso as plaintiff in the Mirandela Fiscal and Administrative Court in Portugal against the Republic of Portugal and the Ministry of Economy as defendants.
The litigation seeks to nullify certain administrative actions by the defendants in June 2016 including the addition of lithium to and the expansion in the area of the C-100 Mining Lease. The C-100 Mining Lease which contains the Barroso Lithium Project is fully granted, has a term of 30 years to 2036 and remains in good standing.
The advice from Savannah's lawyers is that the claim is without foundation and will be challenged by Savannah as the counter-interested party alongside exploring all potential options, including making a claim for damages against the plaintiff.
The litigation neither impacts the Barroso Lithium Project's activities nor the current environmental impact assessment process which is moving to a conclusion.
Savannah will make further announcements regarding the litigation as appropriate.
Regulatory Information
This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
**ENDS**
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For further information please visit www.savannahresources.com or contact:
Savannah Resources PLC David Archer, CEO
| Tel: +44 20 7117 2489
|
SP Angel Corporate Finance LLP (Nominated Advisor) David Hignell / Charlie Bouverat
| Tel: +44 20 3470 0470
|
finnCap Ltd (Joint Broker) Christopher Raggett/ Tim Redfern
| Tel: +44 20 7220 0500
|
WH Ireland Limited (Joint Broker) Jessica Cave / Ben Good (Corporate Finance) Adam Pollock (Corporate Broking)
| Tel: +44 20 7220 1666
|
Camarco (Financial PR) Gordon Poole/ Emily Hall | Tel: +44 20 3757 4980 |
About Savannah
Savannah is the owner of the Barroso Lithium Project, located close to key infrastructure in Northern Portugal which contains the most significant spodumene lithium resource in Western Europe. With a positive Scoping Study which outlined a conventional mine and concentrator operation producing 175,000t of spodumene concentrate per annum, Savannah is progressing the development and environmental licencing of the Barroso Lithium Project. A Definitive Feasibility Study is underway, and Portugal's environmental regulator is currently evaluating Savannah's Environmental Impact Assessment study.
The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the Börse Stuttgart (SWB) under the ticker "SAV".