Mantle Mining Corporation Limited (ASX: MNM) “Mantle”, is pleased to provide the following update on progress in relation to its 100% owned Trafford (Mt Mulligan) Coal and Gas project in North Queensland. Highlights: • On Wednesday 20th June, a large community meeting was held between Mantle, the Djungan People (the relevant Native Title Party) and the North Queensland Land Council (NQLC).
• The purpose of the meeting was for the Djungan People to consider the proposed Indigenous Land Use Agreement (ILUA) in relation to Mantle’s 100% owned Trafford Coal and Gas project in North Queensland.
• The purpose of the recent trading halt was to ensure that the market would be fully informed of the outcome of the meeting (due to the potential for a decision to possibly be taken during the day to either authorise or not, execution of the ILUA).
• The outcome was that some further consultation was required with a number of the Djungan on a number of terms in the ILUA.
• These terms have since been agreed in principle and further consultation is now being organised in order to finalise these terms and complete the level of consultation required by the Djungan.
• Mantle and the Djungan People are considering the ILUA based on its embedded principles of full protection of Cultural Heritage for and by the Djungan People, mutual management decision making processes for exploration activity, and staged compensation, employment and training packages.
• These principles are considered paramount for the development of future relationships based in mutual respect, trust and, thereby, effective decision making.
• Mantle is also pleased to advise on progress in relation to tenement status, since winning the recent Supreme Court action (to enforce transfer of the exploration tenements to Mantle) against Calcifer Industrial Minerals Pty Ltd.
• The company has progressed successful discussions with the relevant government department in relation to the requirements for retaining the tenements in good standing under the licence conditions of the Exploration Permit for Coal (EPC 772).
• Further announcements on progress will be made in due course.
MNM Price at posting:
10.4¢ Sentiment: Buy Disclosure: Held
