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Gold/Mining/Energy : Coleville Resources - CLL

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To: Dave Warner who wrote (2512)	7/18/1997 4:59:00 PM
From: John Alan Snape	of 3058

Dave, I just heard the most wonderful rumour.....CLL has served ANZ WITH LITIGATION PAPERS.... This needs to be confirmed and will probably be a news release on Monday or early next week. The rumour went on to say that it is a substantial amount of money they are sueing for - 500,000,000 million. (Must be a very large gold find with this amount) Apparently all of the directors agreed that this type of action was necessary. I personally feel it is appropriate. We have all hoped they would settle out of court due to the lengthy delays in court actions however CLL has very little to lose at this point according to some of 'chatty' cathies on this thread. This is not a bluff or posturing. They believe as do I that there are some breaches of contract. It will take a court to decide regardless of our opinions. I also understand there is much more news of substance.....Maybe they did a private placement and maybe they have more news on the Ven. Pemon find. Regardless, the lines have been drawn and now a court will decide. I personally think the ANZ has much more to lose at this stage. What an incredible risk they took. Imagine what the 5 brokerage houses are now going to say if they lose the case. Remember anything can happen in a court room. One thing for sure maybe now we all can at the very least get the BOTTOM LINE truth instead of all this HOGWASH on the thread....... the Sask. group approves and is holding pending the outcome. John S.

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