15 October 2013
Companhia
Mineira de Naburi (“CMdN”)
Confirmation
of licence 4623c in the name of
Pathfinder Mocambique SA
The owners of CMdN, General
Veloso and Diogo Cavaco, note the recent announcement by the Mozambique
Ministry of Mineral Resources of the publication of its new EITI Compliant
Mining Cadastre Portal.
The introduction to the Portal states:
“The Mozambique Ministry of Mineral Resources and Spatial Dimension have developed this Mining Cadastre Portal to improve
transparency and promote investment in the Mozambique mining sector.
Currently all mineral tenure and state mining contracts
are available for viewing. Click on a tenement or contract in the map to view
detailed information or use the search functionality to search by tenement
code, company name or contract name.
The information was last updated on 13 October 2013”
The Portal can be found at the internet address below:
Given that the Portal definitively confirms the ownership by Pathfinder
Mocambique SA of licence 4623C, it is clearly incorrect (and a breach of AIM
disclosure rules) for Pathfinder Minerals plc to continue to claim on its
website that it owns licences in Mozambique to mine heavy minerals. Pathfinder Minerals plc owns no such
licences.
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Notes for Editors:
In the High Court judgement
obtained by Pathfinder Minerals in October 2012, the judge correctly found that
the Share Option Agreement by which Pathfinder Minerals claimed to own shares
of CMdN was indeed an option agreement, under which the option could only be
exercised upon payment of the purchase price of $9.9m, which has not been paid.
Accordingly, under Mozambique law ownership of CMdN shares never passed to Pathfinder
Minerals.
To this day, the promoters
of Pathfinder Minerals, Nick Trew, Gordon Dickie, John McKeon and Tim Baldwin
have only ever paid $100,000 in respect of the Option Agreement entered into in
good faith by General Veloso and Diogo Cavaco in 2006.
