RMLA Rusina Mining

 

TIDMRMLA 
 
RNS Number : 0257M 
Rusina Mining NL 
17 May 2010 
 

Monday 17th May, 2010 
                                Rusina Mining NL 
                          ("Rusina" or the "Company") 
                   European Nickel Release re Forestry Permit 
 
Please find below a release from Rusina's proposed merger partner, European 
Nickel PLC (AIM, PLUS: ENK), regarding the requirement for the forestry permit 
for the Çaldag project in Turkey to be reissued under the new Mining Law. 
Rusina has obtained independent legal advice on this issue and confirms the view 
that this is a technical legal matter that is expected to be resolved upon the 
passing by parliament of Turkeys new Mining Law. 
Rusina's board will continue to monitor issues at Çaldag and will keep 
shareholders fully informed of all developments. 
 
For further information, please contact: 
Mark Hanlon                   Rusina Mining                    Tel: +61 8 9226 
1111 
Roland Cornish                Beaumont Cornish             Tel: +44 (0) 207 628 
3396 
 
 
       "Çaldag Forestry Permit needs to be re-issued under new Mining Law 
14 May 2010 - London: European Nickel PLC ("European Nickel" or the "Company") 
(AIM, PLUS: ENK) has become aware that the Turkish Ministry of Environment and 
Forestry (the "Ministry") will be required to revoke the forestry permits for 
the Çaldag project and that these permits will need to be re-issued under the 
terms of a new Mining Law. 
Due to a technical legal conflict under the current legislation between the 
Forestry Law and the mining regulations, the procedure for the issuance of new 
forestry permits to mining companies in Turkey since 11 June 2009 has been 
deemed unconstitutional. The Company's three forestry permits were approved by 
the Ministry on 3 April 2009. 
As previously disclosed in the Company's 2009 annual report, European Nickel is 
involved in litigation in respect of the forestry permits and was advised that 
the challenges to the permits were not well grounded.  However, it is understood 
that several decisions made by a High Administrative Court in another unrelated 
but relevant case have now been ruled as applying to the Company's forestry 
permits.  This resulted in cancellation of one of the forest permits and is 
expected to cause revocation of the other forestry permits. The Company 
understands that the new Mining Law which is expected to resolve the said legal 
conflict and its consequences will be presented to the Turkish parliament during 
the week of 24 May 2010. 
European Nickel has been advised that the re-issuance of the forestry permits 
under the new Mining Law will be straightforward and it is expected they will be 
issued before the end of the third quarter 2010. 
Simon Purkiss, Managing Director, said "It is important to communicate to 
shareholders that this cancellation and re-issuance of the forestry permits 
revolves solely around legal harmony between the Forestry Law and the mining 
regulations and could potentially affect all mining companies who have had a 
forestry permit issued over the past 18 months.  This is not a continuance of 
the broader issues we have faced with the forestry permits in the past. 
Our best information to date is that we continue to have the support of the 
local and national government for both the re-issuance of the forestry permit 
and for the Çaldag project as a whole.  We continue to progress our project 
financing options and will be pursuing all available options to secure the 
issuance of the new permits. The company will update the market on this matter 
in due course". 
 
 
For more information, please visit www.enickel.co.uk or contact: 
Simon Purkiss or Andrew Lindsay, European Nickel                Tel: 020 7290 
3130 
Andrew Chubb or Tarica Mpinga, Canaccord Adams               Tel: 020 7050 6500 
Alex Buck, BuckBias         Tel: 07932 740 452" 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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