FORMER Minister for Mines and Energy David Day Pacha has denied issuing a letter of intent to Sunshine Minerals Limited (SML) for Jejevo tenement in Isabel Province.
Speaking on the floor of parliament on August the 2nd, Mr Pacha said the truth of the matter was no such thing as letter of intent was issued to SML.
However, he confirmed that SML already had the Prospecting License (PL) for Tausere in Choiseul Province.
But one MP who gave his statement on the floor of parliament said SML looks suspicious since it seems that the same people with questionable business dealings in the country are behind the company.
Sunshine Minerals Limited was brought under spotlight on the floor of parliament after it was revealed that it has secured £40,000 intended to be used to obtain the Jejevo licence and Tausere land user agreement.
The company was brought to the attention of the MPs after one MP revealed that all the information regarding the dealings of the company can be accessed online.
In the London Stock Exchange website, it revealed that the Sunshine Minerals Ltd entered into a subscription agreement for 10%, with Gunsynd Plc (AIM: GUN, NEX: GUN), after learning that SML has obtained the PL for Tausare.
Information cited online further revealed that Sunshine Minerals Ltd is set to be issued a prospecting licence for the Jejevo nickel deposit after it received a letter of intent from the country’s Ministry of Mines, its investor Gunsynd PLC announced on Friday.
So Gunsynd will give Sunshine a loan of £200, 000 with 2% annual interest to help develop the resource.
Mr Pacha was informed of this information but he denied issuing any letter of intent.
He explained that the process here is companies have to seek the consent of landowners with a Surface Access Agreement (SAA) to be signed and brought to his ministry, but that never happens so he did not know where the letter of intent came from.
Online information revealed that the letter of intent was used by SML overseas to acquire a loan of £200,000.
By AATAI JOHN
