Freeport Resources Inc. (the “Company”) is pleased to announce that it has received notification from the Papua New Guinea Mineral Resources Authority (the “MRA”) of the renewal of Exploration License EL 1335 which covers the concession comprising the Yandera Copper Project. The renewal was granted with effect from November 20th, 2019 for a term of two years ending November 19th, 2021.
The Company is now in the process of updating the renewal documentation, previously submitted, for the period ending November 19th 2023. Congruent with that the Company will also submit the documentation for the next two year period commencing November 20th, 2023 which will be due before August 19th, 2023. The Company has been informed by the MRA that they will only be required to conduct one Wardens Hearing for both submissions and will do everything it can to facilitate the smooth restoration of the Yandera tenement to active status.
The Company is very encouraged to see that the bottlenecks that delayed these renewals in the past are beginning to clear up allowing projects such as Yandera to be advanced. The government in Papua New Guinea is once again demonstrating its interest in attracting foreign investment and affirming its position as a premier mining jurisdiction.
There was no change in the overall size and scope fo the Yandera Copper Project in connection with the renewal, and the exploration license allows the Company to continue to advance exploration and development activities at the Project while further renewals are pending.
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