MELBOURNE, Victoria, May 23, 2013 /CNW/ - Newcrest confirms that
following a Land and Environment Court judgment of 17 May 2013,
Newcrest's Exploration Licence (EL) 3856 in the Cadia district of NSW
continues to have full effect and remains in Newcrest's ownership. EL
3856 is an exploration tenement that is separate from Newcrest's
current Cadia Valley Operations.
The latest renewal of the term of EL 3856 is to be reconsidered by the
NSW Minister for Resources and Energy. This follows a finding by the
Court that there was insufficient evidence on the Mines Department file
to demonstrate that the Minister's delegate had been satisfied that
'special circumstances' existed to support a decision to renew the
exploration licence for its entire geographic area. (Note that unless
'special circumstances' apply to a renewal, 50% of the area of an
exploration licence must be relinquished upon renewal.)
The Court orders require the Minister to reconsider and properly record
the reasons for arriving at the 'special circumstances' decision. The
Court confirmed that Newcrest's EL 3856 remains valid pending the
reconsideration of the 'special circumstances' renewal application.
The decision of the Court relates to a legal action brought by Gold and
Copper Resources Pty Limited (GCR) against the Minister and Newcrest.
In the same judgment, the Court dismissed claims by GCR of false or
misleading conduct on the part of Newcrest in the renewal process, and
also dismissed claims by GCR that a five year renewal of the
exploration licence could not be made.
Newcrest's Cadia operations are not impacted by any aspect of the
GCR has brought five separate legal actions against Newcrest, two of
which have now been determined. In April 2013, the Supreme Court of
NSW dismissed a compensation claim against Newcrest by GCR in respect
of the same renewal of EL 3856. The three other claims brought by GCR
are still to be heard. Newcrest considers all of the actions are
without merit and will continue to vigorously defend them.
This information is available on the Company website at www.newcrest.com.au and on www.sedar.com.
SOURCE: Newcrest Mining Limited
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