Last checked at 15 Aug 2018 17:33
15 August 2018
Savannah Resources Plc
Non-core Portuguese Exploration Licence Applications Status Update
Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah' or the 'Company), the AIM quoted resource development company, was advised on 15 August 2018 that the Directorate General for Energy and Geology ('DGEG') has rejected six of a total of nine exploration licence applications in northern Portugal made by Savannah's subsidiary, Slipstream Resources Portugal LDA (''Slipstream''). The applications were pending at the time that Savannah acquired its shareholding in Slipstream in May 2017. These exploration licence applications are entirely separate to the Company's flagship Mina do Barroso Lithium Project, which has a 30-year* granted Mining Lease and continues to advance at pace with the Feasibility Study on track for completion towards the end of Q1 2019.
The six rejected exploration licence applications comprise the Vilar, Almendra, Beca, Caminha, Reigoso and Caramos applications. As these applications had not been granted no exploration work had been conducted on the areas by Savannah.
Savannah understands that the areas covered by the now rejected exploration licence applications fall within zones that will be the subject of an exploration application round of open public tenders that promote the interest of multinational players with demonstrated technical and financial capacities. Savannah currently intends to make tender offers once the tender process is launched and believes that it has excellent credentials for this process with a strong balance sheet and demonstrated lithium exploration and development expertise.
Savannah awaits advice from the DGEG concerning the status of the Calvelo, Meda and Ponte de Lima exploration licence applications.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
*Granted in May 2006
*ENDS*
For further information please visit www.savannahresources.com or contact:
David Archer | Savannah Resources plc | Tel: +44 20 7117 2489 |
David Hignell / Dugald J. Carlean (Nominated Adviser) | Northland Capital Partners Ltd | Tel: +44 20 3861 6625 |
Christopher Raggett / Camille Gochez (Broker) | finnCap Ltd | Tel: +44 20 7220 0500 |
Grant Barker (Equity Adviser) | Whitman Howard | Tel: +44 020 7659 1225 |
Charlotte Page / Lottie Wadham (Financial PR) | St Brides Partners Ltd | Tel: +44 20 7236 1177 |
About Savannah
We are a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in Portugal and copper in Oman - together with the world-class Mutamba Heavy Mineral Sands Project in Mozambique, which is being developed in a consortium with the global major Rio Tinto. We are committed to serving the interests of our shareholders and to delivering outcomes that will improve the lives of our staff and the communities we work with.
The group is listed and regulated on AIM and the Company's ordinary shares are also available on the Börse Stuttgart (SWB) under the ticker "SAV".