Savannah Resources said that two mining licence applications have been submitted to the Public Authority of Mining (PAM) in the Sultanate of Oman as part of the licencing requirements for new mine developments in Oman.
The licence applications relate to the Mahab 4 and Maqail South deposits in Block 5.
Savannah is a 65% shareholder in Al Fairuz Mining, the holder of the Block 5 licence.
- Applications are a key milestone towards the Company's target of commencing copper mining in late 2017
- Mining Licences applied for over the Mahab 4 and Maqail South deposits in Block 5 with current Indicated and Inferred Mineral Resource of 1.7Mt at 2.2% copper
- Applications are for an open-cut development at the Maqail South deposit and for an underground development at the Mahab 4 deposit
- Advanced discussions with Government ministries have commenced
- Technical feedback is being sought from eight Government departments in order to finalise financial evaluations of the mine developments
- Milestones reached for Savannah to have a 51% shareholding in Al Thuraya Mining (owner of Block 4)
- Interest in Block 6 terminated due to relative progress and prospectivity in Blocks 4 and 5.