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Update on Bougouni Project Licencing

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By LSE RNS

RNS Number : 2373C
Kodal Minerals PLC
18 January 2018
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR") 

 

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

18 January 2018

 

Kodal Minerals plc ('Kodal Minerals' or 'the Company')

 

Update on Bougouni Project Licencing

Bougouni Project, Southern Mali

 

Kodal Minerals plc, the mineral exploration and development company focussed on West Africa, is pleased to provide this update on the Company's concessions at the Bougouni Lithium Project in Southern Mali ("Bougouni" or the "Project").

 

As announced on 13 December 2017, the Company had filed new applications in the name of its Malian subsidiary, Future Minerals SARL, over two new 100 square kilometre licences covering the high priority areas within the Kolassokoro area.  The Company can now confirm that the applications for the conventions (being the name of the licences applied for, for the first stage of exploration) have been approved by the Directorate Nationale de la Géologie et des Mines ("DNGM", the Malian National Direction of Geology and Mines) and the Malian Inter-ministerial committee meeting (COMINE). Official documentation is being finalised and is expected to be received by the Company very shortly.  As previously announced, the Company will grant Triumvirat Mining Company SARL a 10 per cent. economic interest in the new licences. The new licences will have an initial life of three years and be eligible for two extensions each of a further two years. 

 

Kodal confirms that all key target areas and prospects within the Bougouni Lithium project are retained within concession areas that the Company has full and exclusive rights to explore and operate.

 

Kodal is continuing its enquiries with DNGM regarding the Kolassokoro licence that had previously been issued to EMAS Mining SA ("EMAS") and in which the Company had a 90 per cent economic interest. The Company is awaiting a definitive response, but it seems that, with the award of the conventions over this same ground as described above, the original licence is considered by DNGM to have expired.  The Company is continuing to determine the status of the agreement with EMAS and any future obligations Kodal Minerals and/or EMAS have under it.  Further updates in this regard will be provided in due course.

 

**ENDS**

 

For further information, please visit www.kodalminerals.com or contact the following:

 

Kodal Minerals plc

Bernard Aylward, CEO

 

Tel: +61 418 943 345

 

Allenby Capital Limited, Nominated Adviser

Jeremy Porter/Nick Harriss

 

 

Tel: 020 3328 5656

SP Angel Corporate Finance LLP, Financial Adviser & Broker

John Mackay/Laura Harrison

 

 

Tel: 020 3470 0470

St Brides Partners Ltd, Financial PR

Susie Geliher/Megan Dennison

 

 

Tel: 020 7236 1177

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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