- High Value Mineral Exploration Company Embracing the Green Revolution.
- Committed to Environmentally Friendly Mining Operations.
- Also Committed to Empowering Local Communities.
- Recent Extension of Warrant Terms to Support Operations into 2024.
- Court Proceedings Moving Towards Renewal of Important Copper Mining Project in Nambia.
Deep-South Resources (OTC: DSMTF) is a mineral exploration and development company. The DSMTF growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. In using and assessing environmentally friendly technologies in the development of its copper project, DSMTF embraces the green revolution.
DSMTF is largely held by Management and Directors with 12% of DSMTF share capital and by Teck Resources Ltd with 16%. DSMTF is actively involved in the acquisition, exploration and development of major mineral properties. DSMTF is guided by integrity values that keep the company focused on its purpose: to turn its exploration projects into lasting reality for empowered local communities. DSMTF is also committed to advancing its projects while operating in an environmentally responsible manner. DSMTF is actively seeking other precious and base metals projects in stable countries.
DSMTF is lead by Pierre Léveillé, President & CEO, Director. Mr. Léveillé has over 28 years of experience in the International financial sector and 20 years of experience in the mining exploration industry. Mr. Léveillé has started his career as an Investment Advisor and an Investment Banker with a large Canadian Securities brokerage firm. From the mid 1990’s to today, he has been Executive and Director of several exploration companies active in Africa. He has financed and managed exploration projects in Namibia since 1996 including the acquisition and operation of a diamond mine. He has realized over US$ 75 million in transactions and financing for Namibian and African mining exploration projects.
- DSMTF Extends Warrant Terms
On October 22nd DSMTF announced that it will extend the exercise period of the first tranche of an 800,000 share purchase warrants for a further two years term and the second tranche of a 2,731,500 share purchase warrants for a further two years term. The warrants which are exercisable at a price of $0.20 per common share, were scheduled to expire for the first tranche November 22, 2021 and for the second tranche March 5, 2022. Upon receipt of TSX Venture Exchange acceptance of this transaction, the warrants will expire after the close of business for the first tranche on November 22, 2023 and the second tranche March 5, 2024. The share purchase warrants were originally issued pursuant to a 7,125,000 units private placement, which closed on November 22, 2018 and March 5, 2019.
- High Court of Namibia Orders the Ministry of Mines to File Documents with the Court
On September 24th DSMTF reported that at the Court hearing on September 16, 2021, the High Court of Namibia ordered the Ministry of Mines and Energy of Namibia to file the documents supporting the decision of the Minister to refuse the Company’s Haib Copper license renewal. After the filing of the Ministry’s documents, Haib Minerals (the subsidiary of DSMTF the license) was given until October 21, 2021 to supplement or amend its own documents filed on July 20, 2021. The Court will hold another hearing on October 28, 2021, to define the further procedures with regards to the review of the decision of the Minister. DSMTF will provide regular updates in this regard and any other matter concerning this situation.
As disclosed in a DSMTF press release dated June 16, 2021, the Company had received notice from the Ministry informing DSMTF that its application for the renewal of its EPL had been denied citing the Company’s inability to advance the EPL to Pre-Feasibility and complete the proposed drilling program as planned. DSMTF maintains that the Ministry was kept well apprised, with no objection on their part, of a proposed change from the Pre-Feasibility study to an upgraded Preliminary Economic Assessment (PEA) and commencement of a full feasibility study. The latter was already started at the time of the refusal. Moreover, the Ministry issued all permits required for the drilling program and are well aware that DSMTF has completed the drilling program. As a result of the Minister’s refusal to renew the License, DSMTF terminated all work and proceeded with the retrenchment of its employees on site.
DSMTF is vigorously contesting the decision by all means necessary and available under the Minerals (Prospecting and Mining) Act (the “Act”) and other applicable laws of Namibia. In its application for renewal and subsequent representations made to the Ministry, DSMTF maintains that it clearly demonstrated having met all criteria under the Act to justify the renewal of its License.
For more information on Deep-South Resources (OTC: DSMTF) visit: https://www.deepsouthresources.com/
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Media Contact
Company Name: DEEP-SOUTH RES INC.
Contact Person: Pierre Leveille, CEO of DSMTF
Email: Send Email
Phone: 819-437-9864
Address:Principal Executive Offices: 888 – 700 West Georgia Street
City: Vancouver
State: BC V7Y 1G5
Country: Canada
Website: https://www.deepsouthresources.com/
