StockMarketWire.com - Savannah Resources announced the issuance of letters of no objection from all eight ministries for the Mahab 4 and Maqail South mining licence applications.

Savannah is a 65% shareholder in the Omani company Al Fairuz Mining, the holder of the Block 5 exploration licence which includes these two high-grade copper deposits.

HIGHLIGHTS

- Letters of approval or 'no objection' received from all eight ministries for the Maqail South and Mahab 4 mining licence applications

- Excellent progress towards the grant of mining licences for the first two of a planned series of high-grade copper mine developments in Oman

- Savannah will now seek to conclude the licensing process with the Public Authority of Mining (PAM) for the issuance of the two mining licences

Savannah CEO David Archer said: "We are delighted that the Maqail South and Mahab 4 mine developments have each now obtained all eight ministerial sign-offs as we seek to conclude the mine licensing process with PAM.

"In light of the very favourable copper price environment and strong interest from potential off-takers for high-quality copper concentrate, we are excited to be moving closer to being the first new copper mine development in Oman for a number of years and look forward to finalising the licensing process with PAM.

"Alongside our licensing progress, we have been participating in the government sponsored Tanfeedh Labs sessions, which have provided an excellent opportunity to bring together all stakeholders related to the mining industry in Oman and provided an industry sounding board for the proposed new mining law in Oman, which is moving towards adoption and is focussed on making Oman's mining environment more attractive to investors and supporting the development of the industry in-country.

"This is something we are of course very supportive of as we believe it is an opportune time to be bringing two new mines on-stream in Oman."




Story provided by StockMarketWire.com