[miningmx.com] — Firestone Energy’s application for mining rights made by its joint venture with Sekoko Resources has been approved at a regional level by the department of mineral resources and has been transferred to the national office for the final stages of approval.
Firestone’s chairperson David Perkins said on Thursday the JV remains on track to begin coal production in 2012.
“As previously announced to the market, we expect the mining rights to be granted this month which will be a significant milestone. Progress is also being made in obtaining debt financing for the project with a major South African financial institution conducting a site visit this week. These events are significant and, with the continuing development of our relationship with Eskom, represent the successful execution of plans previously announced to the market and the shareholders.
“Our management team has developed sound and cooperative relationships with our regulatory and commercial stakeholders and look forward to updating the market on our achievements as they are accomplished.”
Firestone also reminded shareholders that the share purchase plan closes on June 15. Shareholders are being offered the opportunity to purchase up to A$15,000 worth of shares at A$0.02 per share with a free 3-year attaching option exercisable at A$0.04 per share for every two shares subscribed for under the purchase plan.
