Tim, I dont think the court order is necessarily a rubber stamp but it certainly puts the onus on the Minister of Mining and Energy to expedite the EPL renewal. Furthermore, the Minister would have to be a fool to try any funny business because he may be held in contempt of court in a similar manner to Kasuto.
Per an earlier posting of mine, MLS may be able to kick off the exploration while their EPL renewal application is being processed for Mile 72 because according to the Minerals Act:
"MINERALS (PROSPECTING AND MINING) ACT, 1992 an exclusive prospecting licence shall not expire during a period during which an application for the renewal of such licence is being considered, until such application is refused or the application is withdrawn or has lapsed, whichever occurs first or, if such application is granted, until such time as the exclusive prospecting licence is renewed in consequence of such application"
So if the original EPL application was not formally refused and has not lapsed (its unclear how an application can lapse), then strictly speaking MLS can commence exploration. That said, the company may want to hold off until the EPL is formally renewed. I give the company a call tomorrow to hear their views.
MLS Price at posting:
3.5¢ Sentiment: Buy Disclosure: Held
