October 22, 2009 Magna Mining reported to have commenced new proceedings in the High Court of Namibia against the Namibian Minister for Mines and Energy and the Mining Commissioner of Namibia. The proceedings follow the refusal of the Commissioner’s office to accept applications for Exclusive Prospecting Licences for nuclear fuels over areas informally known as “Sandamap” and “Eureka” in the Erongo Region of Namibia. The applications were refused on the ground that the Ministry of Mines & Energy would not accept applications for licences in respect of the nuclear fuel group as there was a two year “moratorium” in existence as declared by the Minister pursuant to the Act which prohibits the consideration of such applications.
March 31, 2006 Preliminary results from the HyMap survey has highlighting lithological structures rich in carbonates, clays and iron-oxides.
December 31, 2005 The Company held numerous discussions with the MME resulting in the re-submission of Application for the inclusion of Nuclear Fuels. Unfortunately subsequent to the end of the Quarter the Mining Commissioner advised the Company that the Honourable Minister of Mines and Energy, after
consultation and consideration had resolved not to grant the Nuclear Fuel rights.