Aber Resources Ltd.
TORONTO, May 11 /CNW/ - ABER RESOURCES LTD. (TSE-ABZ, NASDAQ-ABERF) has
been advised that Winspear Resources Ltd. has filed an appeal to the
April 10th, 2000 judgment of the Honourable Mr. Justice Shaw of the British
Columbia Supreme Court that confirmed Aber's 32.24% interest in the Camsell
Lake Joint Venture.
Early in 1999, Winspear claimed that Aber had failed to elect to
participate in an approved joint venture exploration programme for 1999 and
that a large portion of Aber's interest in the project was forfeited. The
judgment confirmed Aber's continuing rights to participate in the Camsell Lake
Project without any dilution of its interests. In rendering its judgment the
Court stated:-
"It is evident that Winspear is endeavouring to take advantage of an
alleged failure by Aber to give 30 days notice as required by ... the
Joint Venture Agreement. However, as I have held, Winspear itself
failed to give notice within the 30 days. In my view it would be
unconscionable to allow Winspear to benefit from Aber's alleged failure
when Winspear committed the same error that it alleges against Aber."
The Court also ruled that:
"It would be unjust to allow Winspear to appropriate Aber's interest.
To do so would deprive Aber of the real objective of the contract which
is the potential for future profits if the diamond property proves
successful."
Aber has always regarded Winspear's action in claiming forfeiture of part
of Aber's interest as both capricious and damaging to Aber. Aber will request
an expedited hearing of the appeal. In the meantime, Aber will continue to
pursue its claim against Winspear and others for both actual and punitive
damages.
%SEDAR: 00003786E
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For further information: please contact: Robert A. Gannicott, President
and C.E.O., (416) 362-2237, ext. 225; John C. Lamacraft, Chairman,
(416) 362-2237, ext. 237 |
