Sable Mining update regarding Bagla Hills Iron Ore project in Sierra Leone
Sable Mining Africa Limited, the AIM listed resource investment company, announces that further to its announcement made on 5 April 2011 relating to its acquisition of an 80% interest in Red Rock Mining (SL) Limited (‘RRM’), the Company notes the recent release of a statement by the Government of Sierra Leone (‘the Government’).
The board of Sable Mining informs investors that its local legal counsel in Sierra Leone has been instructed to meet with the Ministry of Mines and Mineral Resources and the Ministry of Information and Communications in order to clarify certain fundamental misapprehensions which appear to have informed the Government’s statements.
Sable Mining notes that the Government’s release states, amongst other matters, that:
a) Sable Mining is “claiming ownership of a 50 years lease for a land estimated at 206.75 Sq Km covering Bagla Hills, Tunkia Chiefdom Iron Ore deposit in the Kenema District, Sierra Leone.”
To clarify this statement, Sable Mining’s 80% owned subsidiary, RRM was granted a 50-year lease over the area in question by the relevant Paramount Chiefs and the survey plan to the lease was duly signed by the Director of Surveys of the Ministry of Lands. The lease has been validly registered with the Government of Sierra Leone’s Office of the Registrar and Administrator General Office in Freetown.
b) The “Government wishes it to be known that all Mineral Resources within the confines of Bagla Hills is not for prospecting, exploration or mining, as they fall within a reserved area.”
No claim is being made, or has ever been made, that either RRM or Sable Mining hold a mining title or right of any nature in Sierra Leone. Sable Mining has specifically acknowledged the current existence of a moratorium on mining activities in its previous announcement.
Sable Mining CEO Andrew Groves said, “Sable Mining holds assets in numerous African jurisdictions (including Guinea, Liberia, South Africa and Zimbabwe) and is at all times conscious of the need to act in an appropriate manner and with respect for its local partners and in compliance with the local legal regime. Sable Mining’s investment into Sierra Leone continues in this vein and Sable Mining looks forward to working alongside the Government of Sierra Leone and cementing a prosperous future for the local community and Sable Mining’s investors.”
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