New Age Exploration loses three New Zealand permits
Key points
- New Age Exploration lost participating rights to three New Zealand mineral permits after being removed from the country's company register.
- Shares in the junior explorer remained unchanged following the market disclosure.
- The explorer is pursuing legal advice to reinstate its corporate registration and recover the assets.
New Age Exploration (ASX:NAE) announced that its rights in three mineral permits comprising the Lammerlaw Gold-Antimony Project in New Zealand have been transferred to the Crown after the business was removed from the local companies register.
The formal notice from New Zealand Petroleum & Minerals arrived before any ministerial determination had taken place regarding a surrender or transfer of the permits.
The company stated that with local legal assistance, it is investigating options to restore its registration on the Overseas Companies Register in New Zealand.
Management acknowledged that it cannot guarantee it will successfully regain registration or secure the return of its interest in the three project licenses.
Following the announcement, the New Age Exploration share price was unchanged at $0.0010.
The Lammerlaw asset in Otago forms part of the group's precious and base metal exploration focus alongside its gold projects in Australia.
New Age Exploration stated it will update shareholders when material determinations about its New Zealand register status become available.
