- The Ministry of Mines & Mining Development in Zimbabwe has cancelled Latitude’s certificates of registration for its Mbeta Project
- The Department said “the mine was registered on the ground not open to prospecting and pegging and as such should be cancelled”
- Latitude will write an appeal to the Minister about the cancellation
- Latitude has dropped 22 per cent and is selling shares for 1.1¢ apiece
The Ministry of Mines & Mining Development in Gwanda, Zimbabwe has cancelled Latitude Consolidated certificates of registration for its Mbeta Project.
The Department said the reason for cancelling the certificates was because “the mine was registered on the ground not open to prospecting and pegging and as such should be cancelled.”
Latitude says it does not operate a mine on the claims and considers the proposed cancellations to have no legal basis.
“The company does not operate a mine on the claims and considers the proposed cancellation to have no legal basis as the claims have been issued and in the opinion of the company, validly granted by the very department that now seeks the cancellation,” Latitude told the market this morning.
The Letter confirms the company is entitled to appeal in writing to the Minister of Mines and Development, against the cancellation.
Latitude says it will take this action immediately and consider its other steps to protect its interest in its registered claims.
Mbeta is in southern Zimbabwe, approximately 40 kilometres southwest of Gwanda, near Nyambe Hill.
In April 2018, Latitude announced it will acquire 70 per cent interest in the Mbeta from Zimbabwean national Robert David Hutchings.
Mbeta comprises 13 mineral claims with a combined area of 18 kilometres squared and lies in gently‐ undulating, lightly cropped terrain with good access from Gwanda via tarmac and all‐ weather gravel roads.
Just a few months ago in July, the company recently completed the $71,089 acquisition.
Latitude has dropped 21.43 per cent on the Australian Stock Market and is selling shares for 1.1¢ apiece at 2:11 pm AEDT.