Regulatory Story
Go to market news section View chart   Print
RNS
Panthera Resources PLC   -  PAT   

Writ Petition & Stay Filed in Rajasthan High Court

Released 07:00 06-Sep-2018

RNS Number : 9227Z
Panthera Resources PLC
06 September 2018
 

6 September 2018

 

Panthera Resources Plc

 

("Panthera" or "the Company")

 

Writ Petition and Stay Application Filed with the High Court of Rajasthan

 

Panthera Resources PLC (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce that further to the announcement dated 21 August 2018, it's joint venture (JV) partner Metal Mining India Pvt Ltd (MMI) has filed a Writ Petition and associated Stay Application with the High Court of Rajasthan in Jodhpur to protect its rights and the rights of its shareholders.

 

The action has been taken in response to the recent spurious decision by the Government of Rajasthan (GoR) to reject the prospecting licence application (PLA) filed by the Company's JV partner.

 

The GoR's actions in rejecting the JV's PLA came following an Order issued by the High Court of Rajasthan (Court) as announced on 29 January 2018, where the Court directed the GoR to take a final decision on the pending PLA, preferably within 3 months from the date of the Order.

 

Importantly, the Order gave the JV liberty to file with fresh cause of action, in case it was aggrieved by the decision of the Government.

 

Geoff Stanley, Panthera Resources Managing Director, commented;

 

"I am pleased to confirm that we have been able to compile an extremely comprehensive and compelling Writ Petition and Application for Stay protection and file it with the Court in such a short timeframe. The permitting process for Bhukia has been unnecessarily long and protracted and the JV has succeeded with legal intervention on numerous occasions, supported by the Court.  Accordingly, the JV is extremely confident that the strong legal base that it has built will again allow it to prevail in the Court and protect our shareholders' interests.

 

"We have previously noted that the points raised by the GoR contradict their own recorded positions taken at various times, are against the principles of Indian Corporate law and against the principles of the amended Mining Act, which provides for seamless transfer from Reconnaissance to Prospecting to Mining.

 

"Once full property protection is in place a multi-pronged approach to ensuring the grant of the Bhukia Prospecting Licence will re-commence."

 

 

Enquiries

Panthera Resources PLC

Geoff Stanley (CEO)                                       +1 (917) 941 7704

 

Nominated Advisor and Broker

RFC Ambrian                                                      +44 (0) 20 3440 6800

Rob Adamson                                   

Bhavesh Patel

Charlie Cryer

 

Financial Public Relations

Blytheweigh                                                      +44 (0) 20 7138 3204

Camilla Horsfall                                                               

Julia Tilley

James Husband

 

 

Technical Information

The technical information contained in this disclosure has been read and approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies.  Antony Truelove has visited the Naton Project site and reviewed the drilling and sampling protocols and procedures.  Antony Truelove is the COO of Panthera Resources PLC.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCUGUWABUPRPUA
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Writ Petition & Stay Filed in Rajasthan High Court - RNS