Company with mining licenses in Mozambique, Pathfinder Minerals re-listed on AIM in London

11 February 2011

Watford, United Kingdom, 11 Feb – British company Pathfinder Minerals Thursday said in a statement that its shares would be re-listed on the London stock Exchange’s Alternative Investment Market (AIM).

Pathfinder Minerals, via a 100 percent owned subsidiary, has two mineral sands licenses in Mozambique, which are estimated to have reserves of 1.02 billion tons, which implies the presence of 71.7 million tons of heavy minerals.

The two licenses, in Naburi and Moebase, are located 50 kilometres northeast of the Moma mine, which is explored by Irish company Kenmare Resources.

In the statement the company also said that the partners and board of directors of the Mozambican subsidiary included General Jacinto Veloso, who had several positions in the Mozambican government, and Diogo Cavaco, the former managing director of two companies specialised in drilling.

On the first day of trading, shares in Pathfinder Minerals, which recently netted 525, 000 pounds sterling from a capital increase, rose 16.3 percent to 8 pence. (macauhub)