Weatherly International Plc Regulatory News (WTI)

4 Oct 2006 10:12

Weatherly International PLC04 October 2006 For Immediate Release Weatherly International plc Zambian prospecting licence dispute Weatherly announces that its wholly-owned subsidiary, Puku Minerals Limited, hasreceived notice from the Zambian Ministry of Mines and Minerals purporting tocancel licence PLLS 239 on grounds of an unspecified administrative error by aformer Minister of Mines in issuing a prior abandonment certificate in respectof the tenement to which PLLS 239 now relates. Weatherly has taken legal advice as to the purported effect of the notice and astrong rebuttal has been served on the Ministry of Mines and Minerals.Weatherly has challenged the grounds and legality of the alleged cancellation ofPLLS 239 and intends to take all necessary steps to protect its position.Weatherly has been pursuing arbitration to secure access rights in respect ofPLLS 239 since April 2006. Rod Webster, Chief Executive Officer commented: "While this is an issue the Company takes seriously, it has no effect at all onour revenue-generating operations in Namibia, where we are continuing to developbusiness around our recent acquisition of the Ongopolo Tsumeb smelter andassociated assets. We are at the same time continuing with our furtherdevelopment of Weatherly as a fully integrated mining group with a wide range ofrevenue-generating assets". Contact: Weatherly International plcRod Webster, Chief Executive0207 917 2989 Libertas Capital Group plcJonathan Flory0207 569 9650 First City Financial Public RelationsAllan Piper0207 436 7489 This information is provided by RNS The company news service from the London Stock Exchange