"EXT lodged its Mining Licence application in mid December, 2010. Given the Christmas break limited review would have been possible by the Government of Namibia until mid January, 2011. EXT is aware of ML applications taking anywhere from three months to over 15 months. Granting of the ML is at the discretion of the Ministry of Mines and Energy (MME).
EXT maintains regular dialogue with the Government of Namibia. A recent example of the good relationship the Company has with the Government of Namibia and MME is the third renewal of EPL3138 (ASX release 5 April, 2011), the key licence upon which the prospective mineralised trend extends from Zone 1 at the northern end, to Salem in the south.
EXT will continue to work with the Government of Namibia to progress the granting of the ML, but is not concerned about the time taken to date and believes the Mining Licence is being considered by the Mines Minister and undergoing due process. EXT will continue to keep all key stake holders informed of any material developments.
With respect to the resource update, we remain on target for a release in Q2, 2011"
EXT Price at posting:
$7.44 Sentiment: Hold Disclosure: Held
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