Bandera Announces First Instance Ruling in Connection With Its Mexican Properties
16 Julho 2009 - 9:00AM
Marketwired
Bandera Gold Ltd. ("BGL") (TSX VENTURE: BGL) is pleased to announce
that it has obtained a favorable first instance ruling (the
"Ruling") from the Fifth Mercantile Court (Guadalajara) (the
"Court") in its lawsuit against Minera San Jorge ("MSJ"), George
Barnett and others. As previously announced, the lawsuit was
brought by BGL to enforce its rights under the option agreement
dated November 15, 2005 (the "Option Agreement") under which BGL
was entitled to earn in up to a 60% equity interest in the Cinco
Minas and Gran Cabrera projects in Mexico (the "Properties").
The validity and enforceability of the Option Agreement has been
confirmed by the Court and it reinstates BGL's rights to the
Properties by ordering the transfer of title to both Properties to
the Joint Venture company through which BGL holds its interest in
the Properties.
The ruling is dated July 7, 2009 and is 118 pages in length. The
board and its lawyers are reviewing the detailed contents of the
ruling.
As of August 7, 2009 this ruling will be final absent any appeal
by MSJ.
Additionally, the Court has been notified that in a separate
legal action, to which BGL was not a party, the labor court awarded
a settlement against MSJ which resulted in the transfer of title to
the Properties to a third party. This transfer appears to have
occurred without proper notification to the Court or reference to
BGL's prior lien over the Properties as registered in the records
of the Mining Public Registry ("MPR"). BGL lawyers have commenced a
case in the Federal courts, seeking an "Amparo judgment" (relief of
violated civil rights by authorities). Our lawyers have argued that
the process resulting in the transfer was illegal and should be
declared invalid and null and void. The Amparo court has issued a
suspension (freezing the process in place) pending issuance of its
judgment. The suspension prevents MPR from registering any further
changes of title to the Properties and make no further changes to
its records until the Amparo court issues its ruling. We await the
Amparo court's ruling in the very near future.
BGL is assessing its continued strategy to enforce its
contractual rights and to gain control over its projects in
Mexico.
On behalf of the Board
Kelvin Williams, CEO
Information provided herein contains forward-looking statements.
The reader is cautioned that assumptions used in the preparation of
such information, which are considered reasonable by Bandera at the
time of preparation, may prove to be incorrect. Actual results
achieved will vary from the information provided and the variations
may be material. There is no representation by Bandera that actual
results achieved will be the same in whole or in part as those
indicated in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Bandera Gold Ltd. Kelvin Williams President (780)
465-4129 (780) 469-6040 (FAX) www.banderagold.com Micro Cap et al
Investor Relations (877) 642-7622 info@microcapetal.com
Bandera Gold Ltd. (TSXV:BGL)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Bandera Gold Ltd. (TSXV:BGL)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
Notícias em tempo-real sobre Bandera Gold Ltd. (delisted) da TSX Venture Exchange bolsa de valores: 0 artigos recentes
Mais Notícias de Bandera Gold Ltd.