Vancouver, B.C., Canada – December 1, 2021 – Deep-South Resources Inc. (“Deep-South” or “the Company”) (TSX-V: DSM) reports that the legal counsel of the Ministry of Mines and Energy of Namibia (“Ministry”) proceeded with their last filing on November 17, 2021. The filing did not include any documents supporting the decision of the Minister to deny the renewal of the Haib Copper licence. Therefore, the Ministry has not provided any evidence supporting the decision of the Minister.
At the Court hearing on November, 25, 2021, in the absence of the judge, Deep-South’s legal counsel and the legal counsel of the Ministry agreed to request the court to issue an Order to approve the following schedule: Deep-South will file additional documents to support its original affidavit by December 15, 2021. The additional documents will include expert advice covering the exploration work carried out by Deep-South on the project and the work program proposed for the renewal of the Haib Copper licence. The documents will also include an update of the funds invested in the project development. The court will be closed for annual recess between mid-December 2021 and mid-January 2022. The Ministry will have until February 14, 2022 to file their defense affidavit. Deep-South will have until February 28, 2022 to reply with its last affidavit.
The Court will hold another hearing on March 3, 2022, to define the further procedures with regards to the review of the decision of the Minister.
The Company will provide regular updates in this regard and any other matter concerning this situation.
Corporate update
While recuperating Haib Copper mineral rights remains a top priority, Management continues to seek another copper project. Some projects have been identified and discussions with their owners are taking place. The Company will provide an update on the matter in due course. The Management is determined to develop Deep-South as a developer of important copper projects.
About Deep-South Resources Inc
Deep-South Resources is a mineral exploration and development company Deep-South 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 project, Deep-South embraces the green revolution.
More information is available by contacting Pierre Léveillé, President & CEO at
+1-819-340-0140 or at: info@koryxcopper.com
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 contained in this news release which are not statements of historical facts may be “forward-looking information” for the purposes of Canadian securities laws. Such 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”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking information. These forward-looking statements relate to, among other things: the Minister’s refusal to renew the Company’s Licence, the Company’s intention to contest the Minister’s decision before the Courts of Namibia and the outcome of such proceedings.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Deep-South, are inherently subject to significant technical, political, business, 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 other things: political risks associated with the Company’s operations in Namibia; the failure of the Namibian Government to comply with its continuing obligations under the Act to allow for the renewal of the Licence; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances. For additional risk factors, please see the Company’s most recently filed Management Discussions & Analysis for its quarter ended ended February 28, 2021 available on SEDAR at www.sedar.com.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially 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. Accordingly, all such factors should be considered carefully when making decisions with respect to Deep-South, and prospective investors should not place undue reliance on forward looking information. Forward-looking information in this news release is made as at 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 events affecting such forward-looking information, except as required by applicable law.
