AIM: FOX 24 January 2013
Fox Marble Holdings Plc
("Fox Marble" or the "Company")
Restoration of Licences
Fox Marble, the AIM listed company focused on marble quarrying in Kosovo, is pleased to announce that the licensing authority in Kosovo, ("ICMM"), has restored the four Fox Marble licences it had previously annulled.
The Company had announced notification of the annulment of these licences on 3 December 2012. The Company's fifth licence at Cervenilla is unaffected.
Along with the restoration notification, the ICMM has included notices to Fox Marble, as provided in the Kosovan legislation on Mines and Minerals, requiring the Company to maintain its responsibilities with respect to the conditions of the licences within a period of 60 days.
Fox Marble is fully confident of its ability to continue to maintain the conditions of three of the four licences that had previously been unlawfully annulled. With respect to the fourth licence, in respect of its quarry site in Suhogerll, Fox Marble will be requesting an extension to the deadline by which mining has to commence of at least 12 months in order to ensure its ability to operate that quarry site in full compliance with the laws of Kosovo. This request will be submitted to the ICMM by Nabarro, Fox Marble's lawyers, on behalf of the Company.
Fox Marble expects to be able to resume working on the quarry site in Peja and the sites in Rahovec as soon as the snow clears and weather conditions allow.
Chris Gilbert, CEO of Fox Marble, commented: "We are very pleased that the licences have been restored. Having successfully shipped the first blocks of marble from the Cervenilla quarry, we are now keen to proceed at our other sites as soon as weather conditions in Kosovo allow."
For more information on Fox Marble, please visit www.foxmarble.net, or contact:
Fox Marble Holdings Plc |
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Christopher Gilbert, Chief Executive Officer |
Tel: +44 (0) 20 7380 0999 |
Fiona Hadfield, Chief Financial Officer |
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Fox Davies Capital Limited (Nominated Adviser and Joint Broker) |
Tel: +44 (0) 20 3463 5000 |
Susan Walker |
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Daniel Fox-Davies |
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Merchant Securities (Joint Broker) |
Tel: +44 (0) 20 7375 9036 |
Lindsay Mair |
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Buchanan |
Tel: +44 (0) 20 7466 5000 |
Mark Court / Fiona Henson / Sophie Cowles |
www.buchanan.uk.com |
