Pathfinder Minerals plc: August 2013

Tuesday 27 August 2013

Comments on Pathfinder's cash position

23 August 2013

Companhia Mineira de Naburi (“CMdN”)

Pathfinder Minerals’ Interim Results for 2013

The owners of CMdN, General Veloso and Diogo Cavaco, note the announcement of Pathfinder Minerals’ interim results for 2013.

Pathfinder Minerals’ financial position

According to Pathfinder Minerals’ announcement it had cash of £2.1m at the end of June 2013 (compared to the £11m raised in June 2011 and £3.8m at the end of 2012). This implies a cash burn of approximately £280,000 per month

General Veloso is a highly distinguished Mozambican who, after a decorated career in the armed forces following the country's independence, held many prominent government positions, including Minister of State Security, General Director of the Intelligence Services, Minister of Economic Affairs and Minister of International Cooperation. From 2003-2009 he was Chairman of the Mozambique Chamber of Commerce.

General Veloso is an adviser to the President of the Republic of Mozambique and a member of the National Defence and Security Council. He has acted as the President of the Republic of Mozambique's envoy on numerous occasions, mainly in the matters of the establishment of peace in Mozambique and Angola, the end of apartheid in South Africa and Namibian independence. General Veloso was the chairman of the Government Commission that negotiated the M'Komati Accord of "good neighbourliness and non-aggression" with the Republic of South African 1984. He remains, today, the President of the South Africa-Mozambique Friendship Association.