Response to Pathfinder Minerals' recent announcements re court action

Companhia Mineira de Naburi (“CMdN”)

The Directors of CMdN note the recent announcements by Pathfinder Minerals regarding its legal action in respect of the shares of CMdN it claims to own. 

Following the decision of the Judicial Court of Maputo city (the “Court”) to suspend the previous Interdict obtained by CMdN, which prevented Pathfinder Minerals continuing proceedings in the UK court until a judgement had been made by the court in Mozambique, the Directors of CMdN filed an appeal on 29 November 2012 to suspend such decision.

Decision to walk away from UK proceedings

Comments on the Recent High Court Judgement of Mr Justice Field re Companhia Mineira de Naburi

1.         Decision to walk away from the UK proceedings

On 19 October 2012, the day of the recent UK judgement by the Honourable Mr Justice Field, Pathfinder Minerals plc issued a press release which included the statement that General Jacinto Veloso and Dr Diogo Cavaco’s

“defence had been struck out as a result of the Defendants having "flagrantly refused" to comply with English High Court orders” 

Pyrrhic Victory for Pathfinder Minerals

19 October 2012

Companhia Mineira de Naburi (“CMdN”)

Response to Pathfinder Minerals plc announcement re UK Court Proceedings

The Board of Pathfinder Minerals plc (“Pathfinder Minerals”) has today announced that the company has obtained a judgement from the High Court in the UK supporting its claim to own the shares of Companhia Mineira de Naburi (“CMdN”). see http://otp.investis.com/generic/regulatory-story.aspx?cid=195&newsid=278231

The owners of CMdN, General Veloso and Diogo Cavaco make the following points:

Response to Pathfinder Minerals' High Court Court Ruling

For Immediate Release

Companhia Mineira de Naburi (“CMdN”)

The Directors of CMdN note the announcement on 9^th July 2012 of Pathfinder Minerals’ latest activities in the English High Court.

As previously stated, General Veloso and DC walked away from the UK proceedings as they served no useful purpose. The latest ruling was obtained in criminal breach of an injunction from the Mozambique Court.

Response to Pathfinder Minerals' statement and relisting

For Immediate Release

Companhia Mineira de Naburi (“CMdN”)

Response to Pathfinder Minerals Plc (“Pathfinder Minerals”) announcement of restoration of trading

The Directors of CMdN note the announcement on 28 June 2012 of the preliminary results of Pathfinder Minerals and the restoration of trading (the “Press Release”). 

The Directors of Pathfinder Minerals (and its subsidiary IM Minerals Limited), namely John McKeon, Nick Trew, Gordon Dickie, Tim Baldwin and James Normand, have made a number of assertions

The Business Reporter article, 13 May 2012

On Sunday 13 May 2012 the Sunday Telegraph in the UK carried an article about the dispute over the mining licenses. Despite appearances to the contrary, this was not written by a Sunday Telegraph journalist and is not to be regarded as independent reporting.

Riddle of the Sands - the Noseweek magazine exposé

Riddle of the sands

Issue #150, 1st April 2012

A few weeks ago Nick Trew, chief executive of London-listed Pathfinder Minerals Plc, and his ever-present PR sidekick Ben Simons, called to alert Noseweek to intrigue and skulduggery surrounding valuable titanium and zircon deposits in Mozambique.

Indian Ocean coast in Mozambique's Zambezia Province, where Pathfinder Minerals claims concessions

They told how a Mozambique general – a decorated war hero and president of the South Africa-Mozambique Friendship Association – has set up a company with the same name as theirs and hijacked their mining licences, potentially worth many billions. He had, until recently, been Pathfinder’s local business partner.

Trew and Simons, on a brief visit to South Africa, had wished to set up a meeting to brief Noseweek. In the event, it was only several days later – when they had returned to the UK – that our reporter managed to catch up with them by telephone for what he thought would be a lengthy interview. It was certainly lengthy, but not quite an interview: “Can I assume that Nick is not being quoted?” asks Simons, who hails from M:Communications, the strategic consulting arm of global financial and stakeholder communications firm King Worldwide. “It was made clear to your editor that this was for background and was off the record and that we could discuss any specific quotes afterwards.”

Letter to Shareholders from General Veloso

 A letter to all shareholders of Pathfinder Minerals plc from General Jacinto Soares Veloso and Diogo Henriques Cavaco

26 March 2012 

Pathfinder Minerals plc (“Pathfinder” or the “Company”)

We are writing to you in response to the document issued by the Board of Pathfinder dated 2 March 2012 convening a General Meeting of the Company at our request.

Media coverage of EGM requisition

The Daily Telegraph has written of the EGM requisition as follows:

" The General has officially requisitioned an extraodinary general meeting to demand a forensic investigation into the company.

The man willing to take the job is Chris Morris - partner at Begbies Traynor.

Once described as the the "doyen of UK insolvency" Chris wound up the Bank of Credit and Commerce International (BCCI) - the world’s largest liquidation at the time, involving liabilities of over US$10bn (£6.4bn)."

http://www.telegraph.co.uk/finance/comment/citydiary/9085821/Miss-Piggy-cant-deliver-for-Campbell.html

The letter requisitioning an EGM at Pathfinder Minerals

The Directors

Pathfinder Minerals plc

c/o 2^nd Floor Suite

30 Clarendon Road

Watford

WD17 1JJ

10 February 2012

For the attention of James Normand, CFO

By post and email

Dear Sirs

Request to requisition a General Meeting of Pathfinder Minerals plc.

Tim Baldwin

From the Daily Telegraph, January 27 2012

Wilson treads a troubled path

Was Gavin Wilson one of 2011’s unluckiest investors?

He ended 2010 as a star performer with his Rab Energy Fund – part of the troubled Rab Capital hedge fund group.

But things quickly turned sour.