124(1)Notwithstanding section 139, a mining licence issued under the previous Act, other than a mining licence issued under subsection 15(2) of that Act, and in effect immediately before the coming into force of this Act continues and, subject to this section and to section 128, the provisions of the previous Act respecting mining licences and the holders thereof apply; but, notwithstanding section 47 of the previous Act, after the coming into force of this Act the mining licence shall not be renewed for more than two terms of one year each.