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Gold/Mining/Energy : kazakstan goldfields symbol kgfc
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To: stuffbug who wrote (324)11/29/1997 2:30:00 AM
From: roger fontaine  Read Replies (1) of 367
 
The following is from another company who settled with Kaz.I don't like the amount they settled for and if we do the same we are in trouble.Princess Resources (PRL:VSE) {Report on Princess Resource} reached a final settlement
with respect to the deposit advanced in 1995 on the company's Vasilkovskoye gold project
in Kazakstan. The project was abandoned in 1996 due to continued difficulties in negotiating
and structuring an economically viable transaction. Under the terms of the settlement, the
company will receive payments totalling C $1.1 million over the next seven months. The
refundable advances are currently carried in the company's books at $9.9 million.
Accordingly, a $8.8 million write-off will be charged to earnings in the company's fourth
quarter. The settlement was agreed to by the company given the protracted nature of the
Princess' legal claims in Austria, Kazakstan and Russia, and the uncertainties of recovery of
the deposit in these foreign jurisdictions.
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