For those who fell asleep while waiting...
Erin's application for boron rights in Serbia approved
Erin Ventures Inc EV
Shares issued 27,629,763 Oct 9 close $0.45
Fri 10 Oct 2003 News Release
Mr. Blake Fallis reports
UPDATE OF EVENTS
By way of update and clarification of recent events, Erin Ventures has
disclosed the following.
In June of this year, Erin submitted a formal application for a mining
concession covering the Jarondol basin region in Serbia, for the
exploration and exploitation rights to boron. This concession application
was intended to replace the original joint venture agreement between Erin
and the Serbian national power corporation that was signed in 1997. This
new proposal was submitted by Erin only after extensive consultation with
the appropriate Serbian government authorities, and is in keeping with the
recently enacted Serbian concession law as it pertains to mining, the
environment, foreign ownership, and other laws and considerations. Erin is
of the opinion that this new proposal offers considerable benefit to both
Erin and Serbia, relative to the original joint venture agreement.
On Aug. 28, the Serbian government officially accepted and approved the
proposal in Erin's concession application, during a formal sitting of the
government.
This government approval, as stated in the concession law, is subject to:
Erin and the relevant government ministry (or ministries) entering into a
binding contract, detailing the parameters of the concession; an
independent legal opinion on the granting of the concession; and a review
by an expert, government-appointed concession committee charged primarily
with the task of ensuring the implementation of the concession agreement
and overseeing Serbia's interest in a concession. The government has
developed a framework for the process that helps to limit the potential for
delays in obtaining the required ministerial and committee reviews, in
order to ensure an efficient and expeditious completion of the process.
Representatives of Erin and the appropriate authorities are currently
meeting in an attempt to finalize these points. Erin's management is
optimistic that this process will be successfully concluded in the near
future. However, as Erin is one of the first mining candidates to pass
through this process, it is finding that the procedures involved are still
being defined and refined on a continuous basis.
Further information respecting these matters will be provided when
available.
Cautionary note
There is no assurance that Erin will be able to negotiate a binding
contract with the Serbian authorities, or that any such agreement, if
reached, will be confirmed by the concession committee. In addition, any
such agreement, if reached, may be subject to a number of conditions and
timelines, such as financing and expenditure requirements that Erin may not
be able to satisfy. |
