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Canadian Corporate News --- Hot Off The Wire
News Release for "COLEVILLE RESOURCES LIMITED"
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: COLEVILLE RESOURCES LIMITED
ASE SYMBOL: CLL
JULY 18, 1997
Coleville files Statement of Claim
CALGARY, ALBERTA--Coleville Resources Ltd. (CLL) announced today
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.
Approved on behalf of the Board of Directors by:
"Signed" W.A. Peter Perry, CEO and director.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Silicon Capital Corp.
Gerry Belanger
Investor Relations
(403) 205-3660
stockmkt@cadvision.com
NEITHER THE ALBERTA STOCK EXCHANGE NOR ANY OTHER REGULATORY BODY
HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
INDUSTRY: PCS
SUBJECT: LAW
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