Plateau Energy Metals Inc. PLUUF

the full clear picture

[Investtowin99]

The Public Mining Registry reports that all concessions are in good standing and properly held by Macusani Yellowcake SAC, our subsidiary. This is the most important thing to know and what we publicly stated on Friday. What the blog post is referring to is a result of a clerical data entry error by INGEMMET in Peru on 2 of the claims. Unfortunately only part of the picture is presented. You have three authorities and a financial institution that manage mineral concessions 1) Ministry of Energy and Mines (highest authority), 2) INGEMMET (Geological Survey), 3) Public Mining Registry (maintains databse of concessions, ownership, etc.) and 4) National Bank of Peru (receives payments for concessions). All payments by us were made on time at the bank, receipted and properly recorded, then receipts taken to INGEMMET who properly received all documentation and issued acknowledgement of receipts. The bank reports to the Public Mining Registry (which reflects everything in good standing). As a result of a data entry error, which we noticed the day after payment in their online database and reported, the laws in Peru prevent a lower institution (INGEMMET) from correcting the error without notifying the higher institution (Ministry of Energy and Mines). It is a bureaucratic process that can take 8 months to correct, and we are approximately 6 months in, through a series of notices, appeals by the company and evidence showing payments made. If we didnt have concessions in good standing, the Public Mining Registry would have reflected we lost these claims long ago. So this is the short version of a complex series of events and a process that we need to simply respond to and respect. Weve demonstrated payments of all fees on time, back up documentation, etc, but law in Peru forces a process such as this to get a clerical error resolved. The blog post appears to have a small piece of the picture which is convenient, but please have comfort that laws in Peru and process are respected and upheld.