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Update: Galaxy, Indian Mining Policy & Court Case
Update: Galaxy, Indian Mining Policy & Court Case.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6254U Panthera Resources PLC 01 April 2019 \n\n \n01 April 2019\n \nPanthera Resources Plc\n(\"Panthera\" or \"the Company\")\nUpdate on Galaxy Partnership, Indian Mining Policy and Rajasthan High Court Case\nPanthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to provide an update on the Galaxy Partnership progress, potential favorable changes to the Indian Mining legislation and implication of the recently announced Indian elections.\nHighlights\n· Galaxy has advised Panthera that the second payment due under the Partnership Agreement by 31 March 2019 (see announcement dated 20 Dec. 2018) will be sent by the end of April 2019. This minor delay is due to administration and process issues associated with the Indian financial year end (31 March) for Galaxy.\n· Indian national elections were announced on 12 March and will dominate political and bureaucratic activity in the country until shortly after their completion on 19 May.\n· A new National Mineral Policy has been announced, which articulates several relevant and positive proposed changes and initiatives including:\no Seamless transition from Reconnaissance Permit to Prospecting Licence\no Assured security of tenure along with transferability of concessions\no Simpler, transparent, accountable and time bound procedures to facilitate exploration\n· The date for the Company's next Rajasthan High Court hearing is 15 April.\nGeoff Stanley, Panthera's Managing Director said \"Over the last several weeks I have participated in a series of positive meetings in India with representatives of Galaxy and its partners. These meetings have advanced our strategic planning for PL negotiations and discussions regarding Galaxy's planned BSE listing and we are confident in our partner's long term commitment to participating in the advancement of the Bhukia JV project. These discussions have been taking place against the backdrop of a likely progressive improvement in the legislative outlook for the mining industry as foreshadowed by the recently announced National Mineral Policy 2019.\" \n \nNew Mining Policy Announced\n \nThe Governme...