TORONTO, ONTARIO–(Marketwired – Sept. 17, 2015) – Buffalo Coal Corp. (TSX:BUF)(JSE:BUC) (“Buffalo” or “the Company”) updates shareholders on the proceedings against the Minister of Mineral Resources in South Africa (“the Minister“) and Avemore Trust seeking urgent relief in respect of the Minister’s decision to withdraw the Director-General’s decision to grant Mining Right 301 (“MR301“), as well as withdrawal of the approval by the Regional Manager of the Environmental Management Plan in respect of that right, as announced on August 27, 2015 (“the Ministerial Decision“).
The application for urgent relief was heard on September 15, 2015, and the Company is pleased to advise that the court has granted an order that, pending the final determination of the application for the review and setting aside of the Ministerial Decision (“the Review Application“) –
- the Ministerial Decision is of no force or effect;
- the Minister is interdicted from awarding MR301 to any other party; and
- the Company may continue to mine in terms of MR301.
The Company has 30 days within which to launch the Review Application to obtain final relief in the form of an order setting aside the Ministerial Decision. The Company’s legal team, including Senior Counsel, has indicated a strong likelihood of the Review Application being successful.
A further update will be provided in due course.
Buffalo is a coal producer in southern Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee (Pty) Ltd, a South African company which has a 70% interest in Zinoju Coal (Pty) Ltd (“Zinoju“). Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Buffalo has an experienced coal-focused management team.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Buffalo and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Buffalo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although Buffalo has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information 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 information. Buffalo does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Chief Executive Officer
+27 82 924 4444
Buffalo Coal Corp.
Chief Financial Officer
+27 83 781 1405