INDOCHINE MINING LIMITED SUMMIT DEVELOPMENT LIMITED
irid;jc::hirie MININCI LIMITEDThere were a number of recent statements reportedly made by the MRA and published in The National concerning Summit Development Limited (SDL) and lndochine Mining Limited (Subject to Deed of Company Arrangement) (IDC). SDL and IDC consider that some of those statements are inaccurate.
At this time, we are liaising with the appropriate authorities and progressing with the judicial review, OS (JR) 103 of 2016, in the PNG National Court. The judicial review is focused on the decision by the Minister for Mining to refuse SDL's application to renew the exploration licence EL1093 (Mt Kare).
SDL and IDC remain committed to developing Mt. Kare into a profitable, long term project for the benefit of all stakeholders and I am appalled at the financial difficulties that will confront landowners, creditors and suppliers, and the State if the project is not advanced expeditiously in circumstances where we have available the resources to commit to the capital work program, estimated at A$20,000,000.
SDL, with the continued support of the Secured Creditor, is continuing to fund the preservation of the camp at Mt Kare for the benefit of stakeholders notwithstanding that SDL is the fourth applicant and that the other applicants have declined to assist in meeting these costs.
lndochine Mining Limited
Indochine Mining Limited issued this content on 29 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 March 2016 08:45:01 UTC
Original Document: http://www.indochinemining.com/LiteratureRetrieve.aspx?ID=211876
