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ASX:MUS) (OTCMKTS:GGPLF) is pleased to announce that it has taken another key step in its strategy to establish Montepuez as a world-class ruby project, upgrading another exploration licence to a mining concession. The Government of Mozambique has issued Mining Concession 8955C over the area previously covered by Prospecting & Exploration Licence 8245L, which forms an integral part of the Company's Montepuez Ruby Project. The mining concession is valid for an initial term of 25 years, taking it up to 5 December 2042.
The majority of the ruby bulk sampling and pitting conducted by Mustang over the past seven months has been undertaken on licence 8245L.
Mustang will now complete an Environmental Impact Assessment ("EIA") and associated enjoyment of land ("DUAT") within 3 years from the grant of the Concession. Mine development must start within 24 months after the grant of the environmental licence or the DUAT, whichever is the latter, provided that production starts within 4 years after the mining concession being granted.
Mustang Managing Director Dr. Bernard Olivier said: "The area covered by the new Mining Concession represents a crucial part of the deposit and most of the ground covered by our current bulk sampling and test pitting campaign. The granting of the Mining Concession marks another important step in our strategy to establish Mustang as a consistent supplier of ethically mined rubies".
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About New Energy Minerals Ltd
New Energy Minerals (ASX:NXE) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
Contact
Media & Investor Relations:Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-1474
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