Deep-South Resources Inc. (TSXV: DSM) sees light in its contested license renewal for Haib Copper project. The mining firm announced today that the High Court of Namibia rendered a decision that restricts the country’s Ministry of Mines and Energy from granting any mineral license covering the disputed property pending the review of the non-renewal decision.
The court’s decision to interdict the ministries in granting any license on Haib Copper is in force until it hands down its judgment regarding the review of the ministries’ decision not to renew the company’s license.
The company, which was seeking to renew its Exclusive Prospecting Licence 3140 on Haib Copper project, got denied again after meeting with the country’s mining and energy ministers. This is after the license renewal application was previously denied by the government agencies to which the company claimed was “a misunderstanding”, hence the meeting.
Sponsored · Cambria Gold Mines
The license renewal was initially denied by the Namibian government citing the company’s “inability to advance the license to pre-feasibility and complete the proposed drilling program as planned.” On the other hand, Deep-South reasoned it upgraded its plan from pre-feasibility study to a preliminary economic assessment and a full feasibility study and the ministry is fully aware of the move. The company has already started the full feasibility study on the property.
The court is expected to hold another hearing on September 16, 2021, to define the steps forward regarding the review of the non-renewal decision.
As a result of not obtaining a license on Haib Copper, the company has stopped all work on-site and started the retrenchment process.
Deep-South Resources Inc. last traded at $0.045 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
