18/07/2012 - 14:10

EMA settles litigation over Mulga Rock

18/07/2012 - 14:10

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Exploration work at the Mulga Rock deposit in the north-east goldfields.

Energy and Minerals Australia stocks have rocketed on the Australian Securities Exchange after the uranium hopeful settled legal matters hanging over its Mulga Rock project in the north east Goldfields.

EMA announced today it would pay privately-owned Yarri Mining $3 million in two tranches to settle legal action over the project dating back to August 2010.

Yarri had argued that EMA’s exploration licences for the Mulga Rock deposits were invalid.

EMA said it had now commenced the process to gain mining leases from the WA Department of Mines.

At 2:00PM, WST, EMA stocks were up 66 per cent at 8.3 cents.

Also today, EMA announced the appointment of a new chief executive, Shane McBride.

Mr McBride has been EMA’s chief financial officer for the past three years.

Other board changes include the resignation of Phillip Golding from the position of non-executive chairman, while Mike Fewster resigned as executive director.

Mr McBride said the settlement with Yarri would allow the company to refocus its energies on the development of the Mulga Rock project.

“The recent discovery of the very impressive Princess deposit also gives encouragement to increase exploration activities in the highly prospective landholding surrounding the deposits, with the objective of making further quality discoveries within our large landholding,” Mr McBride said in a statement.

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