DSMTF is primed and ready, awaiting upcoming court ruling.
High Court of Namibia Orders the Ministry of Mines to File Further Documents with the Court no Later than November 18, 2021
10:48 am ET November 12, 2021
Deep-South Resources Inc. ("Deep-South" or "the Company") (TSXV: DSM) reports that at the Court hearing on November, 11, 2021, the legal counsel of the Ministry of Mines and Energy of Namibia ("Ministry") requested an additional week to complete its filing of the documents supporting the decision of the Minister to refuse the Haib Copper licence renewal. The High Court of Namibia granted the Ministry the requested time to complete the filing. Deep-South's legal counsel will have ten court days to review the documents of the Ministry and decide if the Applicant Haib Minerals (Deep-South's fully owned subsidiary) will supplement its affidavit and supporting documents. Furthermore, Haib Minerals legal counsel in a status report also requested the court to issue an Order to facilitate a fair and expeditious determination of the Haib Minerals original application to review the decision of the Minister.
The Court will hold another hearing on November 25, 2021, to define the further procedures with regards to the review of the decision of the Minister.
The Company will provide regular updates in this regard and any other matter concerning this situation.
Corporate update
While recuperating Haib Copper mineral rights remains a top priority, Management continues to seek another copper project. Some projects have been identified and discussions with their owners are taking place. The Company will provide an update on the matter in due course. The Management is determined to develop Deep-South as a developer of important copper projects.
Notes on the Court application to review the decision of the Minister to not renew the Haib Copper licence
As disclosed in our press release dated June 16, 2021, the Company had received notice from the Ministry informing the Company that its application for the renewal of its EPL had been denied citing the Company's inability to advance the EPL to Pre-Feasibility and complete the proposed drilling program as planned. The Company maintains that the Ministry was kept well apprised, with no objection on their part, of a proposed change from the Pre-Feasibility study to an upgraded Preliminary Economic Assessment (PEA) and commencement of a full feasibility study. The latter was already started at the time of the refusal. Moreover, the Ministry issued all permits required for the drilling program and are well aware that Deep-South has completed the drilling program.
As a result of the Minister's refusal to renew the Licence, the Company terminated all work on site and proceeded with the retrenchment of its employees on site.
The Company is vigorously contesting the decision by all means necessary and available under the Minerals (Prospecting and Mining) Act (the "Act") and other applicable laws of Namibia. In its application for renewal and subsequent representations made to the Ministry, the Company maintains that it clearly demonstrated having met all criteria under the Act to justify the renewal of its Licence.
About Deep-South Resources Inc
Deep-South Resources is a mineral exploration and development company Deep-South growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. In using and assessing environmentally friendly technologies in the development of its copper project, Deep-South embraces the green revolution.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts may be "forward-looking information" for the purposes of Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. The words "believe", "expect", "anticipate", "contemplate", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule", "understand" and similar expressions identify forward-looking information. These forward-looking statements relate to, among other things: the Minister's refusal to renew the Company's Licence, the Company's intention to contest the Minister's decision before the Courts of Namibia and the outcome of such proceedings.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Deep-South, are inherently subject to significant technical, political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include, among other things: political risks associated with the Company's operations in Namibia; the failure of the Namibian Government to comply with its continuing obligations under the Act to allow for the renewal of the Licence; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances. For additional risk factors, please see the Company's most recently filed Management Discussions & Analysis for its quarter ended ended February 28, 2021 available on SEDAR at www.sedar.com.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Deep-South, and prospective investors should not place undue reliance on forward looking information. Forward-looking information in this news release is made as at the date hereof. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.
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SOURCE Deep-South Resources Inc.
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