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Deep-South Resources Inc
Symbol DSM
Shares Issued 146,334,700
Close 2021-08-31 C$ 0.045
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Deep-South's Haib licence blocked by Namibian court

2021-09-01 09:08 ET - News Release

An anonymous director reports

HIGH COURT OF NAMIBIA INTERDICTS THE MINISTRY OF MINES TO GRANT ANY MINERAL LICENCES OVER HAIB COPPER LICENCE IN NAMIBIA

Deep-South Resources Inc. says that the High Court of Namibia has rendered a decision that interdicts and restrains the Ministry of Mines and Energy of Namibia to grant a mineral licence, including an exclusive and prospecting licence (EPL), in terms of the Minerals Act 1992, to any person or company over the area covered by the Haib copper project -- EPL 3140. The interdict and restrain order are in force until the final determination of the application to the High Court to review the decision of the minister to not renew EPL 3140.

The Court will hold another hearing on Sept. 16, 2021, to define the steps forward with regards to the review of the decision of the minister.

The company will provide regular updates in this regard and any other matter concerning this situation.

As disclosed in the company's press release dated June 16, 2021, the company had received notice from the ministry informing the company that its application for the renewal of its EPL had been denied, citing the company's inability to advance the EPL to prefeasibility and complete the proposed drilling program as planned. The company maintains that the ministry was kept well apprised, with no objection on its part, of a proposed change from the prefeasibility study to an upgraded preliminary economic assessment (PEA) and commencement of a full feasibility study. The latter was already started. Moreover, the ministry issued all permits required for the drilling program and is well aware that Deep-South has completed the drilling program.

As a result of the minister's refusal to renew the licence, the company has terminated all work on site and has proceeded with the retrenchment of its employees on site.

The company is vigorously contesting this decision by all means necessary and available under the Minerals (Prospecting and Mining) Act and other applicable laws of Namibia. In its application for renewal and subsequent representations made to the ministry, the company maintains that it clearly demonstrated having met all criteria under the act to justify the renewal of its licence.

About Deep-South Resources Inc.

Deep-South Resources is a mineral exploration and development company. Deep-South's growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. In using and assessing environmentally friendly technologies in the development of its copper project, Deep-South embraces the green revolution.

We seek Safe Harbor.

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