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Helio Resource Corp. (TSXV:HRC) reported that the licence for PL2580 has been converted into a Retention Licence.
Helio Resource Corp. (TSXV:HRC) reported that the licence for PL2580 has been converted into a Retention Licence. PL2580 covers the Kenge Resource Area on the SMP Gold Project. Helio was notified of the conversion by way of a letter from the Ministry of Energy and Minerals of the United Republic of Tanzania dated March 21, 2014.
According to the press release:
A Retention Licence (“RL”) is the stepping stone between a Prospecting Licence and a Mining Licence. The RL is valid for a period of 5 years and allows the Company to advance the project to a production decision.
Richard Williams, CEO of Helio commented:
It allows the Company to commit resources to the development of the SMP Project, knowing that the Tanzanian government is fully supportive of our activities to date. Shareholders can feel confident the licence process works.
Click here to view the full release.