Pacific Wildcat Resources Corp. would like to announce that Cortec Mining Kenya Limited, owner of the Mrima Hill Niobium and Rare Earth Project in Kenya, has been issued with a Special Mining Licence from the Republic of Kenya, Mines and Geology Department. The Licence, which has a term of 21 Years, is for the exploration, development and mining of Niobium and Rare Earth Elements at Mrima Hill. PAW owns 100% of Stirling Capital Ltd and Cortec Pty Ltd, two UK companies that between them own a 70% interest in CMK.
Key Aspects of the Licence include:
- Area of the Licence of 142 hectares (area includes key High Grade Niobium and
associated High Grade Rare Earth Oxide mineralisation zones),
- Gross Sales Value Royalty (Free on Board) of 3% for Niobium and 5% for Rare Earth
Elements payable to the Government of the Republic of Kenya,
- CMK at the appropriate time to put in place mineral ore processing facility to produce
Ferro Niobium and to extract Rare Earth Elements, and
- All activities to comply with laws of the Republic of Kenya, including but not limited to,
the Environmental Management and Coordination Act No 8, Wildlife Conservation
and Management Act CAP 376 and Forest Act No 7.
PAW President and CEO Darren Townsend said: “We are extremely pleased with the awarding of this Special Mining Licence to CMK. I would like to thank CMK’s staff,
consultants and the numerous Government Departments of the Republic of Kenya for their tireless and professional work. The awarding of this licence reaffirms Kenya as a great destination for mining investment and we look forward to continuing to work successfully with the Government to rapidly advance the Mrima Hill Niobium and Rare Earth Project”