Existing prospecting licences and mining Leases and rights acquired or liability incurred thereunder to continue

(1) Every prospecting licence or mining lease granted before the appointed day under any Act of Parliament and the rules made thereunder, and in force immediately before the appointed day, shall continue to be in force until the expiry of the period of validity or termination thereof, whichever is earlier, as if such licence or mining lease were granted under the corresponding provisions of this Act and the rules made thereunder. (2) Every prospecting licence or mining lease which continues to be in force by virtue of the provisions of Sub-section (1), shall be held under the same terms, conditions and restrictions on which they were held immediately before the