TORONTO, March 16, 2012 /CNW/ - Mukuba Resources Limited (TSXV: MKU) reports that on Friday March 16th, 2012 the Ministry of Mines and Natural Resources in Zambia published notice that Northcore Minerals Ltd., a wholly-owned subsidiary of Mukuba, was in default with respect to the following licenses: 8542-HQ-LPL, 14242-HQ-LPL, 14243-HQ-LPL, 14244-HQ-LPL and 14245-HQ-LPL.
The nature of the default in respect of the aforementioned licenses is not clear at this time. The company is working with local officials in Zambia to determine the nature of the default with respect to the licences, following which all necessary remedial actions will be commenced. Under applicable Zambian legislation, holders of licenses noted in default have 60 days to remedy any defaults, failure to which the prospecting licence will be cancelled.
About the Company
Mukuba is a Canadian mining company focused on the exploration and development of certain African base metal assets alone and through a joint venture partner. These assets include a 100% interest in the Northcore Project, which is licensed for both copper and cobalt and encompasses approximately 2,274 square km of geologically prospective ground in the Central African Copperbelt region of Zambia. Mukuba is also a party to a joint venture with Benzu Resources Limited to explore and develop a copper and base metals project in the Democratic Republic of the Congo. In addition, Mukuba holds an exclusive option to purchase an 85% interest in the Nyimba Project, a pollymetallic exploration project, located near the town of Nyimba, approximately 300 km east of Lusaka, Zambia.
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future business and planned activities, particularly with respect to possible remedial actions to be taken with respect to certain licenses in Zambia. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
For further information:
Kelly Ehler Chief Executive Officer
Tel: +1 (416) 368-4013; Fax: +1 (416) 603 9200; Email: [email protected]