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Ascot Mining to challenge 'illegal' decision to cancel gold concessions in Costa Rica

Thursday, January 12, 2012

UK-based Ascot Mining told investors that its Tres Hermanos and El Recio exploration concessions have been cancelled by the Costa Rican government.

The decision is based on the mining legislation that is currently in place in Costa Rica. The law requires the concession owner to obtain an authorisation from the Department of Geology and Mines to transfer or lease their concessions.

However, Ascot pointed out that the two concessions were granted when the previous Mining Code was in place, which did not require approval for the lease or transfer of the concessions.

Original source: Proactive Investors