Last checked at 28 Sep 2012 07:00
28 September 2012
EXTENSION OF MINING EXPLORATION LICENCES AT THE ZANAGA PROJECT
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM:ZIOC) is pleased to announce the extension of the mining exploration licences at the Zanaga Project for a further 2 years to August 2014.
As a result of this extension, the deadline for submission to the government of the Republic of Congo of an application for mining exploitation licenses, supported by a feasibility study ("FS"), has been extended to May 2014.
Under the terms of the joint venture, Xstrata must use reasonable efforts to ensure an FS on the Zanaga Project is completed by no later than three months prior to the expiration of the exploration licences in August 2014 or any subsequent renewal and subject to there being no material adverse change.
For further information please contact:
Zanaga Iron Ore
Corporate Development and Andrew TraharInvestor Relations Manager +44 20 7399 1105
Liberum Capital Limited
Nominated Adviser, Financial Chris Bowman, Christopher BrittonAdviser and Joint Corporate Broker and Christopher Kololian
+44 20 3100 2000
Citigroup Global Markets Limited
Joint Corporate Broker Alex Carter
+44 20 7986 4000
Pelham Bell Pottinger
Financial PR James MacFarlane and Daniel Thöle
+44 20 7861 3232