Well, their stock symbol is SUE...
Sulliden files two lawsuits in Canada over Shahuindo Property
Thu Jun 21, 9:08 AM
ca.news.finance.yahoo.com
TSX Symbol: SUE
TORONTO, June 21 /CNW/ - Sulliden Exploration Inc. ("Sulliden" or the "Company") (TSX: SUE.TO) reports that its has filed two lawsuits in the Canadian courts seeking to enforce Sulliden's rights to the Shahuindo gold property in northern Peru.
Sulliden has filed a Notice of Application in the Superior Court of Justice of Ontario (Court File No. 07-CV-334885PD3) in the matter of the International Commercial Arbitration Act and the Model Law on International Commercial Arbitration, adopted by the United Nations Commission on International Trade Law, seeking an Order pursuant to Article 35 of the Model Law recognizing the Arbitration Award made in Sulliden's favor in Lima Peru on July 19, 2006 following the arbitration between Sulliden's wholly owned subsidiary Minera Sulliden Shahuindo SAC and Compania De Exploraciones Algamarca S.A. and Minera Algamarca S.A. ("Algamarca") of the dispute between Sulliden and Algamarca concerning the 2002 contract for the sale by Algamarca to Sulliden of the Shahuindo property; an Order recognizing the Arbitration Award as binding upon Algamarca and Century Mining Corporation and an Order enforcing the Arbitration Award against Algamarca and Century.
Sulliden has also commenced an action in the Superior Court of Justice of Ontario (Court File No. 07-CV335045P02) at Toronto, against Algamarca, Century Mining Corporation, Orlando Sanchez Paredes and others, claiming US$200 million for damages for breach of contract, breach of the Arbitration Award won by Sulliden, and breach of the injunctions obtained by Sulliden from the Civil Court of Lima Peru, as well as conspiracy and other claims. Sulliden is also claiming punitive damages of an additional $10 million, together with prejudgment interest, legal costs and other relief.
The claims have not yet been heard by the Ontario Court and the allegations in the Notice of Application and in the Statement of Claim have not yet been proven. The named Respondents and Defendants are expected to defend the proceedings.
ABOUT SULLIDEN:
Sulliden Exploration Inc. is a mineral exploration company focused on the development of its Shahuindo gold-silver project located in northern Peru, in one of the world's most prospective gold and silver regions, sitting approximately 25 km north of Barrick's Laguanas Norte-Alto Chicama 500,000 oz/gold per year mine; 70km south of Newmont's multi-million oz/gold Yanacocha district and 200 km north of Barrick's Pierina 650,000 oz/gold per year mine.
The Shahuindo resource stands at 38 million tonnes grading 0.95 g/t Au and 22.99 g/t Ag, containing 1.2 million oz of gold and 28 million oz of silver (equivalent to 1.6 million oz of gold at a gold to silver ratio of 1:60) in the Indicated Category; and 17.2 million tonnes grading 0.62 g/t Au and 12.83 g/t Ag, containing 342,000 oz of gold and 7 million oz of silver (equivalent to 460,000 oz of gold at a gold to silver ratio of 1:60) in the Inferred Category - (Resource Estimation - Met-Chem Canada Inc. April 2005 filed on www.sedar.com).
Sulliden's rights to the Shahuindo property are in dispute and are the subject of extensive litigation in Peru.
In addition, Sulliden has an option to acquire 66% of an adjacent 1,900 hectares known as the Vikingo concessions which brings the Company's land holdings in this exciting gold district to almost 10,000 hectares.
In southern Peru, Sulliden, through a subsidiary, has entered into an option agreement to earn a 50% interest in the Torrine gold project with Aruntani SAC.
Further information / Risk Factors:
For detailed information and background in the Shahuindo litigation please refer to Sulliden's Annual Information Form, the Notes to the Company's Annual and Quarterly Financial Statements and press releases which can be found at www.sedar.com. For further information on Risk Factors with regard to an investment in Sulliden please refer to Sulliden's Annual Information Form and to the summary of Risk Factors in the Company's Management Discussion and Analysis for the year ended April 30, 2006 and for the quarter ended January 31, 2007 which can be found at www.sedar.com.
Caution regarding forward-looking information:
Statements contained in this document which are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the outcome of legal proceedings, the issue of permits, the size and quality of the company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the company. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market metal prices impact of change in foreign currency exchange rates and interest rates; imprecision in reserves estimates; environmental risks including increased regulatory burdens; unexpected geological conditions; adverse mining conditions; political risks arising from operating in developing countries; legal title to properties, outcome of litigation, changes in government regulations and policies, including laws and policies; and failure to obtain necessary permits and approvals from government authorities; and other development and operating risks.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves.
Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. The Company disclaims any intention or obligation to update or revised any forward-looking statement, whether as a result of new information, future events or otherwise.
Contacts
John F. Kearney
President
Tel: (416) 703-8287
E-mail: contact@sulliden.com
James H. Coleman
Chairman
Tel: (403) 267-8373 |
