10:44:35 EST Fri 28 Jan 2022
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Deep-South Resources Inc
Symbol DSM
Shares Issued 146,334,700
Close 2021-11-11 C$ 0.07
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Deep-South notes filing extension for Ministry of Mines

2021-11-12 11:02 ET - News Release

An anonymous director reports


At the court hearing on Nov. 11, 2021, the legal counsel of the Ministry of Mines and Energy of Namibia requested an additional week to complete its filing of the documents supporting the decision of the Minister to refuse the copper licence renewal for Haib Minerals, Deep-South Resources Inc.'s fully owned subsidiary. The High Court of Namibia granted the Ministry the requested time to complete the filing. Deep-South's legal counsel will have 10 court days to review the documents of the Ministry and decide if the applicant Haib Minerals will supplement its affidavit and supporting documents. Furthermore, Haib Minerals' legal counsel, in a status report, also requested the court to issue an order to facilitate a fair and expeditious determination of the Haib Minerals original application to review the decision of the Minister.

The court will hold another hearing on Nov. 25, 2021, to define the further procedures 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.

Corporate update

While recuperating Haib Copper mineral rights remains a top priority, management continues to seek another copper project. Some projects have been identified and discussions with their owners are taking place. The company will provide an update on the matter in due course. The management is determined to develop Deep-South as a developer of important copper projects.

Notes on the court application to review the decision of the Minister to not renew the Haib Copper licence

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 at the time of the refusal. 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 terminated all work on site and proceeded with the retrenchment of its employees on site.

The company is vigorously contesting the 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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