Last checked at 29 Oct 2018 07:00
29 October 2018
URU Metals Limited
("URU" or "the Company")
Zebediela Licence Renewal Update
URU previously announced on 1 November 2016 that the South African Department of Mineral Resources ("DMR") had renewed the prospecting rights that make up the Zebediela Nickel project (being prospecting rights 148PR, 1074PR and 11921PR) ("Rights") for an additional two years.
The Company has applied for the renewal of the Rights and the DMR has completed a site visit, a pre-condition of any prospecting rights renewal process and granted the renewal in principle for prospecting right 148PR, the right which forms the primary prospecting right over all known mineralisation. However, the Right has not yet been counter signed by URU and the DMR and the renewal period will only commence upon signature of the renewed licences, which is expected to occur in November 2018.
The Company understands that the processing of prospecting right applications and renewals in the regional DMR office relevant to URU have been delayed due to the prolonged closure of the regional office.
An application in terms of Section 102 of the Mineral and Petroleum Resources Development Act of 2002 (the MPRDA) has been made to append licences 1074PR and 11921PR to 148PR. This application will be processed once the execution of the renewals has occurred, which will have the effect of consolidating these prospecting rights into a single prospecting right (148PR). This consolidation will provide operational efficiencies to the Company going forward.
URU has received an indication from the DMR that the Rights will be renewed for a further period of two to three years and expects the consolidation process to be completed by January 2019.
URU will make further announcements regarding the Rights renewal and consolidation of prospecting rights as appropriate.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information, please contact:
URU Metals Limited John Zorbas (Chief Executive Officer)
| +1 416 504 3978
|
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat | + 44 (0) 203 470 0470 |
SVS Securities Plc (Joint Broker) Tom Curran
| +44 (0) 203 700 0093 |