Business
Rio Tinto Joint Venture Update
Rio Tinto Joint Venture Update.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5953T Savannah Resources PLC 31 March 2016 \n\n \nSavannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining\n31 March 2016\nSavannah Resources Plc\nRio Tinto and Savannah Mutamba/Jangamo Joint Venture Update\n \nSavannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, advises that the Rio Tinto Group and Savannah have agreed to extend the long stop date for fulfillment of the conditions precedent of the joint venture (announced on 22 June 20151) from 31 March 2016 until 30 June 2016 (or such later date as may be agreed in writing between the parties) to enable further time to fulfil the applicable approval processes.\n \n1 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12397113.html\n \n**ENDS**\n \nFor further information please visit www.savannahresources.com or contact:\n \n\n\n\n\nDavid Archer\n\n\nSavannah Resources plc\n\n\nTel: +44 20 7117 2489\n\n\n\n\nDavid Hignell / Gerry Beaney (Nominated Adviser)\n\n\nNorthland Capital Partners Ltd\n\n\nTel: +44 20 3861 6625\n\n\n\n\nJon Belliss / Elliot Hance\n(Corporate Broker)\n\n\nBeaufort Securities Ltd\n\n\nTel: +44 20 7382 8300\n\n\n\n\nCharlotte Heap / Lottie Brocklehurst\n\n\nSt Brides Partners Ltd\n\n\nTel: +44 20 7236 1177\n\n\n\n\n \nNotes\nSavannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, development company.\n \nSavannah has agreed to acquire 100% of Matilda Minerals Limitada which currently operates the Jangamo exploration project, and has agreed with Rio Tinto to form a joint venture in Mozambique to develop the combined Mutamba/Jangamo Project. Formation of the joint venture remains subject to approval by the Ministry of Mineral Resources and Energy of the Republic of Mozambique. Jangamo has a 65Mt Inferred Mineral Resource @4.2% total heavy minerals (\"THM\") at a 2.5% cut-off grade. The Mutamba, Dongane and Chilubane deposits have a combined exploration target of 7-12Bn tonnes at 3-4.5% THM (published in 2008).\n \nSavannah has interests in three copper blocks in the highly prospective Semail Ophiolite Belt in Oman. The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% ...