INDOCHINE MINING LIMITED MINING LIMITED (Subject to Deed of Company Arrangement) ASX & POMSoX:IDC
Update: Judicial Review and Deed of Company Arrangement (DOCA)20 April 2016
Company Announcements Office
As previously reported in our announcement dated 31 March 2016, the hearing to consider granting of leave for the judicial review to proceed, originally scheduled for 5 April 2016, was heard on 7 April 2016 by the National Court of Justice, Papua New Guinea.
At the hearing, the presiding judge granted Summit Development Limited leave to:
apply for Judicial Review of the Minister's rejection of the renewal application and the Mining Advisory Council's recommendation made on or around 21 July 2015;
file and serve substantive Notice of Motion by 1 May 2016; and
stay of proceedings.
We understand that the effect of the grant of leave and stay orders is that, as SDL's extension application remains unresolved, the holdover provisions in the PNG Mining Act 1992 for exploration licences subject to a timely renewal application continue to apply and the ground is not available for any other exploration licence application (ELA). All new ELA's are held over (including SDL's fresh application) pending the outcome of the judicial review.
The proponents of the DOCA, Kandahar Holdings Pty Ltd, have agreed to extend the termination date of DOCA under the Conditions Precedent (as set out in clause 10) from 31 March 2016 to 31 May 2016.
Martin Jones
Deed Administrator P: +6108 9214 1444
E: info@indochinemining.com
Indochine Mining Limited (Subject to Deed of Company Arrangement) (ASX & POMSoX:IDC) www.indochinemining.com
Indochine Mining Limited issued this content on 20 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 20 April 2016 08:57:12 UTC
Original Document: http://www.indochinemining.com/LiteratureRetrieve.aspx?ID=213108
