Business
Midnight Sun Provides Update on Solwezi Licences
Vancouver, British Columbia--(Newsfile Corp. - October 23, 2017) - Midnight Sun Mining Corp. (...
About this update from Midnight Sun Mining Corp.
[{"type":"text","content":"Midnight Sun Provides Update on Solwezi LicencesVancouver, British Columbia--(Newsfile Corp. - October 23, 2017) - Midnight Sun Mining Corp. (TSXV: MMA) (the \"Company\" or \"Midnight Sun\") is pleased to announce it has been notified by the Zambian Ministry of Mines and Mineral Development (\"MMMD\") that a renewal has been granted on prospecting licence 21509-HQ-LEL for an additional four (4) years (plus further renewals) and a successful appeal to the Minister of the MMMD has been concluded regarding the renewal of exploration licence 12124-HQ-LPL. Midnight Sun is also currently working with Kam Chuen Resource Holdings Limited (\"Kam Chuen\") in an effort to finalise a joint venture agreement. Kam Chuen holds the licences through its local subsidiary Zambia High Light Mining Investment Limited (\"ZHLMIL\").Licence UpdateThe Solwezi group of licences (collectively, the \"Licences\") consist of two individual prospecting/exploration licences totalling over 506 km2 of ground and identified as 21509-HQ-LEL (formerly 14039-HQ-LPL) and 12124-HQ-LPL (as shown below in Illustration 1.0 - Solwezi Group of Licences).Licence 14039-HQ-LPL, one of the licences which comprise the Licences has been granted anew and is now renamed Licence 21509-HQ-LEL (\"21509\"). 21509 has been granted until March 1, 2021 with two subsequent renewals available, each for three-year terms, for a total of ten years with the option for future renewals providing the licence is maintained in accordance with the contained terms and the Mines and Mineral Development Act, 2015.As discussed in the Company's most recent Management's Discussion and Analysis dated August 29, 2017, the Company has now successfully concluded a legal appeal process to preserve and renew the other licence in the Licences, Licence 12124-HQ-LPL. This licence is now renamed 12124-HQ-LEL (\"12124\") and was granted on October 17, 2017 for one year term (the period during which the licence was under legal dispute - December 2015 to December 2016) with the following conditions:The entity holding the licence (ZHLMIL) is to immediately apply for renewal of this Large Scale Exploration Licence for the subsequent period (three further years); andZHLMIL is to pay the annual area charges on or before the anniversary of the grant.The Company intends to commence an immediate renewal application process a...