Tuesday, 12 June 2012

Mineseeker announces joint venture with South African partners

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Durban, South Africa : Mineseeker Operations (“Mineseeker”) announced today that it has completed all of the necessary joint venture agreements with its South African partner, MMRR Risk Management, and that Mineseeker Operations Southern Africa has been established and is fully compliant with the corporate legal framework in South Africa.

The company can now move forward with the next steps in contract negotiations for minefield surveys with the South African and Angolan governments, following on from high level discussions which have already taken place earlier in the year.

Mineseeker Commercial Director, Mark Dorey, commented, ‘Since the signing of a Memorandum of Understanding in March this year, all of the formalities and necessary documentation has now been completed. Our joint venture is held 74% by Mineseeker, and 26% owned by our local partners under the South African Black Economic Empowerment regulations that govern the corporate structural requirements of foreign joint venture partners.

’While significant background negotiations have been taking place, over the last three months, it was necessary to complete these formalities before moving forward,’ he added.

The company will now tender, by invitation, for aerial surveys for several specified areas in South Africa, with an initial tract of focus being an estimated several hundred square kilometres.  An additional visit to Angola is being scheduled for detailed discussions on very large areas of mine affected land which is holding back the country’s rapid economic growth.

Mineseeker is also poised to announce further initiatives in the Southern Africa region to support its drive to deliver its vision of compassionate capitalism in the region, and is also on the verge of completing joint ventures in a number of other key territories.

The company is planning to issue a comprehensive corporate release in approximately fifteen days to update shareholders and potential investors alike on our progress.

For more information visit www.mineseeker.com and www.mineseeker.org