ASX Release
EXPLORATION UPDATE
As previously announced, Lindian Resources Limited (Lindian or Company) holds its rights to the Masapelid Project through a Mineral Production Sharing Agreement (MPSA) between its wholly owned subsidiary and San Manuel Mining Corporation (SMMC).
In December 2010, SMMC made an application for a 2 year renewal of
the exploration period under the MPSA. The MPSA provides for rights
to explore, develop and mine the Project.
17 January 2014
LINDIAN RESOURCES LIMITED
Level 1 / 330 Churchill
Avenue,
Subiaco, Australia WA 6008
Tel: +61 8 9200 4438
Fax: +61 8 9200 4469
Contact: Matthew Wood Executive Chairman
E-mail:
info@lindianresources.com.au
For the latest news:
www.lindianresources.com.au
Directors / Officers: Matthew Wood Kerry Griffin Scott Funston
Brian McMaster
ASX Symbol: LIN, LINOC, LINO
In order to progress exploration under the MPSA, a 2 year extension to the exploration period required approval by the Department of Environment and Natural Resources in the Philippines (DENR). The extension application was denied by the DENR in May 2013.
SMMC, on behalf of the parties to the MPSA, issued a motion for reconsideration to the DENR on 7 June 2013 seeking a reversal of the decision.
Lindian wishes to advise that the motion for reconsideration has been denied by the DENR. However, in issuing the resolution, the DENR has granted SMMC until 6 January 2015 to submit a Declaration of Mining Project Feasibility in respect of the Project (DMPF).
The lodgement of a DMPF provides the Company with the basis for renewal of the MPSA for a further 25 years or, if warranted, conversion to a Financial Technical Assistance Agreement (FTAA).
If the DMPF is approved by the DENR, the Company will be able to move the project forward into development and construction. Additionally, approval of the DMPF will enable the Company the opportunity to apply for further exploration permits to increase the scale of the project for increased production.
LINDIAN RESOURCES LIMITED
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