VANCOUVER, BC, December 1, 2021 /CNW / – Deep-South Resources Inc. (“Deep-South” or “the Company”) (TSXV: DSM) reports that legal counsel for the Ministry of Mines and Energy of Namibia (“Ministère”) made its last deposit on November 17, 2021. There was no documentation in the file to support the Minister’s decision to deny Haib Copper’s license renewal. Therefore, the department provided no evidence to support the Minister’s decision.
At the court hearing on November 25, 2021, in the absence of the judge, legal counsel for Deep-South and legal counsel for the ministry agreed to ask the court for an order to approve the following timeline: Deep- South will file additional documents in support of his original affidavit in December 15, 2021. Additional documents will include expert opinions covering exploration work carried out by Deep-South on the project and the proposed work program for the renewal of the Haib Copper permit. The documents will also include an update of the funds invested in the development of the project. The court will be closed for annual leave between mid-December 2021 and mid-January 2022. The ministry will have up to February 14, 2022 file their defense affidavit. Deep-South will have up to February 28, 2022 to respond with his latest affidavit.
The Court will hold another hearing on March 3, 2022, to define the subsequent procedures for reviewing the Minister’s decision.
The Company will provide regular updates in this regard and any other matter regarding this situation.
Company update
While recovering the Haib Copper mining rights remains a top priority, management continues to seek another copper project. Some projects have been identified and discussions with their owners are underway. The Company will provide an update on the matter in due course. Management is committed to developing Deep-South as a developer of major copper projects.
About Deep-South Resources Inc
Deep-South Resources is a mining exploration and development company. Deep-South’s growth strategy is to focus on the exploration and development of quality assets in significant mineralized zones and close to infrastructure in stable countries. By using and evaluating environmentally friendly technologies in the development of its copper project, Deep-South is embracing the green revolution.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution regarding forward-looking information
Information in this press release that is not statements of historical fact may be “forward-looking information” for the purposes of Canadian securities laws. This forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intend”, “continue”, “budget”, “estimate”, “can”, “” “Understand” and similar expressions identify forward-looking information. These forward-looking statements relate, among other things, to: the Minister’s refusal to renew the company’s license, the company’s intention to challenge the Minister’s decision in the courts of Namibia and the outcome of those proceedings.
Forward-looking information is necessarily based on a number of estimates and assumptions which, although considered reasonable by Deep-South, are inherently subject to significant technical, political, commercial, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include, among others: political risks associated with the Company’s activities in Namibia; the Namibian government’s failure to meet its continuing legal obligations to allow license renewal; the impact of changes or more aggressive application of laws, regulations and government practices; the inability of the Company and its subsidiaries to assert their legal rights in certain circumstances. For other risk factors, please see the latest MD&A filed by the company for its closed quarter. February 28, 2021 available on SEDAR at www.sedar.com.
There can be no assurance that forward-looking information and statements will prove to be accurate, as numerous future factors and events, known and unknown, could cause the actual results, performance or achievements to vary or materially differ from the results, performance or achievements that are or may be expressed. or implied by such forward-looking statements contained herein or incorporated by reference. Therefore, all of these factors should be carefully considered when making decisions about Deep-South, and potential investors should not place undue reliance on forward-looking information. The forward-looking information contained in this press release is made as of the date hereof. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other event affecting such forward-looking information, except as required by applicable law.
SOURCE Deep-South Resources Inc.
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