JERSEY, United Kingdom,
March 6, 2018 /CNW/ - Tethyan
Resources plc (TSXV:TETH) ("Tethyan" or the
"Company") is pleased to announce that the Company's Serbian
subsidiary, Tethyan Resources d.o.o., has been granted two new
exploration licenses (the "Licenses"), named Bucje and
Zukovac, totalling 200 square kilometres and situated in the south
of the Timok Magmatic Complex in Eastern Serbia (Figure 1).
The Timok Magmatic Complex is a suite of Upper Cretaceous age
intrusive and volcanic rocks that are the host to many significant
porphyry and epithermal copper-gold deposits. Known deposits
include Bor, a copper-gold high-sulphidation deposit which was in
production throughout most of the 20th Century,
Majdenpek, a copper-gold porphyry still in production today, and
the more recent discovery of Cukari Peki by Reservoir Minerals who
were subsequently acquired by Nevsun Resources in 2016.
The Licenses are valid for an initial period of 3 years,
following which the Mining Law of Serbia allows for the license
holder to apply, subject to various conditions, for extension
periods of a further 3 and finally 2 years, for a total of 8 years,
before the license holder is required to apply for a mining
permit.
Fabian Baker, President and CEO
of Tethyan commented: "We are very pleased to continue to grow our
land position in Serbia and to have secured exploration licenses in
the Timok area. It is an area well known to hold potential for the
discovery of significant copper and gold deposits and we look
forward to getting our geologists on the ground there to commence
exploration."
About Tethyan
Tethyan Resources plc is a gold and base metal mineral
exploration company incorporated in England & Wales. Tethyan is focused on the Tethyan
Metallogenic Belt in Eastern
Europe, mainly Serbia, where it is acquiring and exploring a
portfolio of quality precious and base metals projects with known
mineralisation and compelling drill targets. Tethyan emphasises
responsible engagement with local communities and stakeholders, and
is committed to proactively implementing Good International
Industry Practice (GIIP) and sustainable health, safety and
environmental management. More information can be found on our
website: www.tethyan-resources.com.
Qualified Person
The technical information in this news release has been reviewed
and approved by Tethyan's Senior Vice-President Exploration and
Development, Peter Mullens, FAusIMM,
who is a Qualified Person as defined by National Instrument
43-101.
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Forward Looking Statements
Certain information contained herein constitutes
"forward-looking information" under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"intends", "will be" or variations of such words and phrases or
statements that certain actions, events or results "will" occur.
Forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made and they are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Tethyan to be materially different from those
expressed or implied by such forward-looking statements or
forward-looking information, including: the receipt of all
necessary regulatory approvals, capital expenditures and other
costs, and financing and additional capital requirements. Although
management of Tethyan have attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements and forward looking
information. Tethyan will not update any forward-looking statements
or forward-looking information that are incorporated by reference
herein, except as required by applicable securities laws.
SOURCE Tethyan Resources PLC