VANCOUVER, British Columbia, Oct. 13, 2017 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce that:
- the Western Australian Minister for Mines and Petroleum will not refuse any of the applications for exploration licences made by Macarthur Lithium Pty Ltd in the Pilbara. These tenements will now proceed to grant; and
- the applications for forfeiture made against each of the Company’s 15 iron ore tenements will be withdrawn.
David Taplin, President, Director and CEO of Macarthur Minerals commented:
“We are pleased with the withdrawal of the forfeiture applications over our iron ore projects and the decision by the Western Australian Minister for Mines and Petroleum, which allows our 1,500km2 of exploration licence applications in the Pilbara to progress to grant. This clears the way forward for exploration activities on the Pilbara tenure to commence.”
S111A Request
On May 24, 2017, the Company’s 100% owned subsidiary Macarthur Lithium Pty Ltd (“MLi”) was informed by the Department of Mines, Industry Regulation and Safety (“DMIRS”) that the Minister of Mines and Petroleum was requested to exercise his power under section 111A of the Mining Act 1978 (WA) and refuse MLi’s applications for exploration licences in the public interest (“s111A Request”). MLi’s applications relate to Pilbara gold and lithium tenements.
DMIRS has advised the Company, that the Minister, following careful consideration of the submissions and the responsive comments provided by the Company, that he considers that it is not in the public interest to refuse the applications for exploration licence made by MLi.
Forfeiture Applications
On March 10, 2017, Macarthur Iron Ore Pty Ltd (“MIO”) was served with applications for forfeiture by a third party against each of its 15 iron ore tenements (“Forfeiture Applications”).
The third party has agreed to withdraw the Forfeiture Applications.
Steps going forward
Macarthur Minerals anticipates that the Pilbara exploration license applications will commence granting within a few weeks following execution of heritage agreements. This allows the Company to commence exploration activities on those tenements.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V:MMS)
Macarthur Minerals Limited is an exploration company that is focused on identifying high grade lithium and gold. Macarthur Minerals has significant lithium, gold and iron ore exploration interests in Australia and Nevada. Macarthur Minerals has two iron ore projects in Western Australia; the Ularring hematite project and the Moonshine magnetite project.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
“Cameron McCall”
Cameron McCall, Chairman
| Company Contact: David Taplin, President, CEO and Director dtaplin@macarthurminerals.com Tel: +61 407470044 www.macarthurminerals.com |
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Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the timely receipt of required approvals, the reliability of information, including historical mineral resource or mineral reserve estimates, prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the project, unforeseen technology changes that results in a reduction in iron ore demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron ore, uncertainty in successfully returning the project into full operation, and the general level of global economic activity. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.