Minbos Resources clarifies ownership status of DRC tenements
Minbos Resources (ASX: MNB) has reported that the Democratic Republic of Congo's Mining Cadastre Agency, the regulatory authority responsible for mining and exploration (CAMI), released an announcement regarding the ownership of tenements on November 4, 2011.
CAMI referred to the fact that Minbos does not have title to the Kanzi deposit and the package of concessions designated "ZRG". The statement was in response to an earlier announcement made by Minbos on September 21, 2011.
Minbos has applied for the right to explore the ZRG package of concessions and has confirmed these applications are pending and as such have not been granted.
The announcement made by Minbos on September 21, 2011 provided details of the results of exploration activities carried out by the company on concession 12040 (CAMI/DG/048/2009), which is wholly owned by the company's DRC subsidiary, AGRIM and is not one of the ZRG concessions.
Minbos considers that the confusion has arisen owing to the fact that concession 1449 (southern concession of the ZRG package) borders the company's concession 12040, with both concessions often referred to as Kanzi as the deposit straddles both.
Minbos will be meeting with CAMI to resolve any confusion and will provide an update in due course.
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