JOHANNESBURG (miningweekly.com) – Lithium developer Novo Litio’s shares remained suspended on the ASX on Friday – nearly a month since the company first halted share trading to confirm the legal status of its rights to the Sepeda project, in Portugal.
Novo Litio is seeking to transfer a granted exploration licence and exploration licence applications, which comprise the Sepeda project, from Portuguese firm Lusorecursos. The company considers its agreement with the vendor to be binding and enforceable.
The company reported late on Friday that it continued to work towards resolving the issue on a commercial basis, but reiterated that it would pursue the matter in the courts in Portugal, should it be considered necessary to do so.
“The directors remain committed to growing a quality lithium portfolio via strategic acquisitions in prospective jurisdictions, and the company’s operational results at Sepeda, in Portugal, during the past 12 months have confirmed the board’s original view of the country as a high-priority destination for lithium. These results include the discovery of a significant JORC lithium pegmatite resource at the Sepeda project, as well as exceptional drill results and growing the resource,” Novo Litio stated.