SAVANNAH RESOURCES PLC

M&A Activity • Oct 12, 2015

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 8648B

Savannah Resources PLC

12 October 2015

Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining

12 October 2015

Savannah Resources Plc

Rio Tinto and Savannah Mutamba/Jangamo Joint Venture Update

Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), advises that the Rio Tinto Group and Savannah have agreed to extend the long stop date for fulfillment of the conditions precedent of the joint venture (announced on 22 June 20151) from 19 October 2015 until 31 March 2016 (or such later date as may be agreed in writing between the parties) to enable further time to fulfil the applicable approval processes.

1 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12397113.html 

**ENDS**

For further information please visit www.savannahresources.com or contact:

David Archer	Savannah Resources plc	Tel: +44 20 7389 5019
David Hignell / Gerry Beaney (Nominated Adviser)	Northland Capital Partners Ltd	Tel: +44 20 7382 1100
Jon Belliss / Elliot Hance (Corporate Broker)	Beaufort Securities Ltd	Tel: +44 20 7382 8300
Felicity Winkles/ Charlotte Heap	St Brides Partners Ltd	Tel: +44 20 7236 1177

Notes

Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company.

Savannah has agreed to acquire 100% of Matilda Minerals Limitada which currently operates the Jangamo exploration project, and has agreed with Rio Tinto to form a joint venture in Mozambique to develop the combined Mutamba/Jangamo Project.  On 31 December 2014 Savannah announced maiden, 65Mt Inferred Mineral Resource @4.2% total heavy minerals ("THM") at a 2.5% cut-off grade for Jangamo.  The Mutamba, Dongane and Chilubane deposits have a combined exploration target of 7-12Bn tonnes at 3-4.5% THM (published in 2008).

Savannah has interests in three copper blocks in the highly prospective Semail Ophiolite Belt in Oman.  The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, with additional gold upside potential, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper and gold producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits. 

This information is provided by RNS

The company news service from the London Stock Exchange

END

JVEBSBDGBSGBGUC