April 18, 2014 5:51 PM ET

Metals and Mining

Company Overview of Cortec Mining Kenya Ltd.

Company Overview

Cortec Mining Kenya Ltd. operates as a mining company and holds three prospecting licenses which contain Niobium reserves and cover an area of 1,180 square kilometers. The company is based in Kenya. As of September 13, 2012, Cortec Mining Kenya Ltd. operates as a subsidiary of Pacific Wildcat Resources Corp.

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Kenya

Key Executives for Cortec Mining Kenya Ltd.

Managing Director
Compensation as of Fiscal Year 2013.

Cortec Mining Kenya Ltd. Key Developments

Cortec Mining Kenya Limited Grants Injunction Giving Protection for Licence

Cortec Mining Kenya Limited has been granted leave for its application to be heard in the High Court in Kenya to quash the purported revocation of CMK's 21 year Special Mining Lease 351 in respect of the Mrima Hill Project and to prohibit the Kenyan Ministry of Mining from taking any further action detrimental to CMK's interests. The court has granted an injunction restraining the Ministry of Mining from issuing any licence for the area affected by the CMK's existing licence at Mrima Hill to any other party whilst the matter is before the Court.

Cortec Mining Kenya Ltd. Announces 21 Year Special Mining Licence

Cortec Mining Kenya Ltd. has been issued with a Special Mining Licence from the Republic of Kenya, Mines and Geology Department. The Licence, which has a term of 21 Years, is for the exploration, development and mining of Niobium and Rare Earth Elements at Mrima Hill. PAW owns 100% of Stirling Capital Ltd. and Cortec Pty Ltd, two UK companies that between them own a 70% interest in CMK. Key Aspects of the Licence include: Area of the Licence of 142 hectares (area includes key High Grade Niobium and associated High Grade Rare Earth Oxide mineralisation zones); Gross Sales Value Royalty (Free on Board) of 3% for Niobium and 5% for Rare Earth Elements payable to the Government of the Republic of Kenya; CMK at the appropriate time to put in place mineral ore processing facility to produce Ferro Niobium and to extract Rare Earth Elements; and all activities to comply with laws of the Republic of Kenya, including but not limited to, the Environmental Management and Coordination Act No 8, Wildlife Conservation and Management Act CAP 376 and Forest Act No 7.

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