Luiri Gold-Market Update on Zambia Tenure and Licences
February 04 2011 - 9:00AM
Marketwired
Luiri Gold Limited (TSX VENTURE: LGL)(ASX: LGM) ("Luiri" or the
"Company") is pleased to announce that the Attorney General of
Zambia has informed the Ministry of Mines and Development that it
has no objections to them entering into discussions with Luiri in
order to find an amicable settlement on the issue of the
cancelation of the Mining Licence LML48.
In addition, the company is pleased to announce that it has
received a one year extension to its Prospecting Licence PL173
(adjacent to PL209 and LML48) with an agreed size reduction to 345
square kilometers. The Company has retained the primary target
areas within the license.
The permission from the Attorney General, which was contained in
a letter dated the 1st February 2011 which was copied to Luiri, was
required as the matter was before the High Court of Zambia. Any
final settlement will be subject to the approval of the Attorney
General.
At a recent meeting between the Company's CEO, the Regional
Manager and the Minister of Mines it was agreed to proceed with
discussions and the Minister stated that we should contact the
Permanent Secretary of the Ministry of Mines and Development, who
is the highest official in that office. We are in the process of
setting up a meeting with the Permanent Secretary.
LML48 contains the Matala and Dunrobin gold deposits in the
Luiri Hill Gold Project.
While it remains Luiri's preference to negotiate the resolution
of the tenure issue, the Company has previously preserved its legal
position by appealing the cancellation in the High Court of Zambia.
The High Court had previously upheld the ruling of a stay against
the cancellation of LML48 until the full appeal process is
completed.
ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED
Michael Sperinck, President, Managing Director and CEO
This press release contains forward-looking information which
involves risks and uncertainties. Forward looking information
represents management's current views and these may change
significantly as new information comes to hand.
NEITHER THE TSX VENTURE EXCHANGE NOR THE ASX HAS REVIEWED THIS
RELEASE AND NEITHER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Luiri Gold Limited Michael Sperinck President +61 401
694 322 Luiri Gold's North American Investor Relations First
Canadian Capital Corp. Daniel Boase +1 416 742 5600 or Toll Free: 1
866 580 8891 request@firstcanadiancapital.com
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