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Panthera bemoans 'frustrating' licensing delays in India
Gold explorer and developer Panthera Resources has been left frustrated by further delays to getting its prospecting licence application in Rajasthan, India is subject to further delays.
The AIM-traded company's application for the Bhukia prospecting licence has yet to be granted or denied by the government of Rajasthan, despite a 29 January order from the region's high court requiring the government to make a decision within the following three months.
Geoff Stanley, managing director of Panthera Resources, said: "We believe the Bhukia project may represent one of the most significant undeveloped gold and copper deposits currently known, and while these ongoing delays are frustrating, the opportunity to advance such a high-quality project is within reach."
Panthera holds a 70% stake in the Bhukia project, where the company has identified an extensive mineralized system well defined by soil geochemistry and mapping.
Amid the delays, the principal secretary of mines for Rajasthan has proposed a joint meeting between officials from the Department of Mines and Geology (DMG) and Panthera's joint venture with MMI Indian Pvt Ltd with a view to final decision being made.
"Discussions and negotiations with the GoR and DMG are cooperative and constructive and all indications are that our PLA will soon be recommended favourably. I look forward to updating the market as further progress is achieved toward the goal of being able to grow the existing JORC (2012) resource of 1.74m ounces by drill defining the larger exploration target," Stanley.
As 0838 BST, Panthera Resources' shares were down 4% at 13.20p.