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CLL-Y : Files Statement Of Claim
Symbol: CLL U/CVLIF
21Jul97 Market News Publishing Inc. 97/07/21 No:0004
COLEVILLE RESOURCES LTD ("CLL-Y;CVLIF-L")
- Files Statement Of Claim
Coleville Resources Ltd. announced that on July 18, 1997 it issued and filed a Statement of Claim in the Ontario Courts (General Division) against its joint venture (JV) partners in the Ojalali gold and silver mining prospects located in Sumatra, Indonesia. The defendants are Antares Mining and Exploration Corporation (ANZ) and P.T. Kurnia Dwipa Kencana (Kencana).
After a number of months of sustained negotiating efforts with its JV partners with respect to the matters in dispute, CLL determined that it was necessary and in the best interest of its shareholders to initiate legal action, in order to preserve and protect CLL's rights in respect of the Ojalali Properties and the Ojalali Joint Venture.
In the Statement of Claim, CLL claims damages for breach of contract and breach of fiduciary duty in the amount of $250,000,000; punitive, exemplary and aggravated damages in the amount of $250,000,000; a declaration that CLL is the owner of 45 percent of beneficial right, title or interest in the Ojalali Properties; an order requiring the defendants to take whatever steps and execute whatever documents are required to validly transfer to the plaintiff a 45 percent title interest in the Ojalali Properties; interlocutory, interim and permanent injunctions restraining the defendants directly or indirectly by their servants, officers, agents or otherwise from: conveying or purporting to convey any interest in the Ojalali Properties to any other person; mortgaging or otherwise encumbering
any interest in the Ojalali Properties; developing or performing work on the Ojalali Properties without the express involvement and consent of the plaintiff; interlocutory, interim and permanent injunctions requiring the defendants to disclose all information in their control or possession relating to the exploration, development and operation of the Ojalali Properties or any other properties in which the plaintiff has a right, title or interest; costs of the action on a solicitor-client basis; prejudgment and postjudgment interests pursuant to the "Courts of Justice Act"; and such further and other relief that the court may deem just.
CLL continues to proceed with a number of financing strategies which are designed to raise capital for application to the conduct of this legal action and the ongoing development of its Venezuelan Properties and for general working capital.
Air Accusations of Venezuela, in joint venture with Aero Surveys of Canada have recently completed an air borne geophysical study which
encompassed some 1,110 line kilometers of CLL's Pemon assets. The results of which are expected within two weeks. At that time CLL will be in a position to define an initial drilling program to test the zone to depth.
CLL expects to make a further press release within the next two weeks concerning, the progress of its current financing efforts, the results of the recent aero-dat exploration of its Pemon (Venezuelan) properties, the updated program of production on these lands, the progress of its legal action against its JV Partners in the Ojalali Properties, and other matters.
TEL: (403) 205-3660 W.A. Peter Perry, CEO and Director. |
