2.2(b) Status of Title The Company remains in discussions with the Democratic Republic of Congo’s Mining Cadastre Agency, the regulatory authority responsible for mining and exploration (CAMI), with respect to their announcement on November 4, 2011 indicating our licences were in dispute. The CAMI announcement referred to the Kanzi deposit, the package of concessions designated as “ZRG” and that Minbos does not have title to these tenements. Minbos, as detailed in its prospectus and in various follow up announcements, has applied for the right to explore the ZRG package of concessions, however we have confirmed these applications over the ZRG concessions remain pending and as such have not been granted. The announcement made by Minbos on September 21, 2011 provided details of the results of exploration activities carried out by the Company on concession 12040, which is wholly owned by the Company’s DRC subsidiary, AGRIM and is not one of the ZRG concessions. It is the opinion of the Company that the confusion has arisen owing to the fact that concession 1449 (southern concession of the ZRG package) borders the Company’s concession 12040, with both concessions often referred to as Kanzi as the deposit straddles both.
MNB Price at posting:
23.5¢ Sentiment: LT Buy Disclosure: Held
