12th Nov 2019 13:20
(Alliance News) - Panthera Resources PLC said Tuesday that the Indian state of Rajasthan "has finally filed" its reply to the Bhukia gold project writ petition that was logged in September 2018.
The gold exploration company said the reply from the government of Rajasthan raised no new matters and "again relies on three week arguments that have been repeatedly raised and previously rebuffed by multiple tribunals, committees and courts of India".
The company said it will now prepare a rejoinder to the reply, which is anticipated to be logged later this week, following which the matter will be up for the final hearing and issuance of a judgement.
Although Panthera is optimistic about the date for the final hearing, "the current overloaded state of the Rajasthan High Court necessitates caution in setting expectations regarding a final resolution date".
In other news Panthera said it has received the final GBP100,000 of the total GBP500,000 financing which was negotiated with Republic Investment Management. The GBP400,000 payment was announced in September.
Geoff Stanley, managing director, said: "With the way now clear for a final resolution to the permitting of the Bhukia project we are optimistic that exploration will soon recommence, and the 6.7 million ounces gold resource calculated by the Geological Survey of India can be drill-confirmed and brought into alignment with the requirements for JORC and 43-101 compliance."
Panthera Resources shares were up 5.5% in London at 7.25 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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