VANCOUVER, BC, March 10,
2023 /CNW/ - Deep-South Resources Inc.
("Deep-South") or the Company) (TSXV: DSM) announces that
the High Court of Namibia has
rendered its judgment and reviewed and set aside the decision of
the Minister not to renew the Haib Copper licence EPL 3140. The
effect of the order is that the Minister must resume the licence
renewal application procedure and arrive at a new decision. The
court noted that the facts presented by Haib Minerals (Deep-South's
subsidiary) should not have been ignored in the evaluation
process.
The judgment mentions that the Minister and Mining Commissioner
did not consider the large investments carried out by Deep-South to
develop a low grade deposit. The court also states that the
Minister and Mining Commissioner did not take in consideration the
fact that the COVID 19 pandemic impacted the exploration program.
The court also ordered the Ministry to pay the legal costs of
Deep-South' subsidiary Haib Minerals.
The Minister and the Mining Commissioner have the right to
appeal the judgement in the Supreme Court of Namibia. If they decide to lodge an appeal,
the request shall be filed within 21 court days from the date of
the judgement.
Deep-South will now consult its legal advisers to prepare the
way forward and pursue the licence renewal procedure. More
information about the matter will be disclosed in due course.
Pierre Leveille, President
& CEO of Deep-South stated: "This is a very positive
verdict and we are confident to be able to create a new positive
working relation with the Minister and the new Mining Commissioner.
It is also an important decision for Namibia as it shows that the rule of law
prevails in Namibia. Our Board of
Directors would like to thank our shareholders for their strong
support over all that difficult period ".
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 projects, Deep-South
embraces 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.
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SOURCE Deep-South Resources Inc.