Groan...
Sulliden continues legal maneuvering tactics over Shahuindo
Mon Jun 25, 9:53 AM
ca.news.finance.yahoo.com
- Century Mining reasserts legal position and plans to build mine at Shahuindo -
BLAINE, WA, June 25 /CNW/ - Century Mining Corporation (CMM: TSX-V) today reported that Sulliden Exploration Inc. has taken steps attempting to extend to Canada the litigation over the Shahuindo property currently in the courts in Peru. In Century's opinion, this is a tactic designed to distract stakeholders from the key issues in the litigation.
Further confounding resolution of the disputes, in Century's opinion, are the repeated measures that Sulliden has taken which have also delayed the hearings on the key issues, such as objecting to the composition of the various panels of judges seized with proceedings in Peru. Sulliden's recent objection to the participation of Espinoza Cardova in the panel of the Primera Sala Civil Comercial of Lima that was to convene on June 15th to adjudicate on the matter of an annulment of the arbitral award has resulted in an indefinite postponement of that proceeding. This was the second time that this proceeding was delayed due to a procedural objection by Sulliden; and Espinoza Cardova was also the fifth judge that Sulliden has recused from the Commercial Court proceedings since the beginning of this year.
Creating more distraction, on June 5, 2007 Century Mining received notice that Sulliden Shahuindo S.A.C. implicated Alex Vidaurre, President of Century Mining Peru in the criminal proceedings it had initiated alleging, fraud, among other things, in respect of the transfer and sale of the Algamarca shares. Century has since learned that the same charges were filed in Peru against Margaret Kent, President and CEO of Century Mining Corporation.
In respect of Sulliden's attempts to extend litigation to Canada, Sulliden filed a claim in the Ontario Superior Court of Justice on June 20, 2007 against Century Mining Corporation, Century Mining Finance Corporation, Compania Minera Algamarca S.A., Compania de Exploraciones Algamarca S.A., Alta Tecnologia e Inversion Minera Metalurgico S.A., Wega Mining A.S.A., Margaret Kent, Orlando Sanchez Paredes and Orlando Sanchez Miranda alleging damages in the amount of US$200 million for breach of contract, libel and conspiracy, together with punitive damages in the amount of US$10 million and an injunction.
In the alternative, in the event that it is determined that Sulliden is not the owner of the Shahuindo property, the plaintiffs claim US$200 million in restitution based on their alleged enhancement of the value of the Shahuindo project since July 2002.
The claim relates to the validity and enforceability of an agreement in Peru between Peruvian parties to purchase the Shahuindo property in Peru and work performed in Peru, all of which is and has been the subject matter of Peruvian legal proceedings involving various other parties. These proceedings attempt to extend the original dispute to other persons in other jurisdictions and to Ontario. Century Mining Corporation, Century Mining Finance and Margaret Kent intend to oppose this attempted extension to Ontario and to them and to defend vigorously any and all claims against them as and where appropriate.
Margaret Kent, President and CEO commented, "We believe that this is yet another in a series of attempts by Sulliden to add to the complexity and expense of the existing litigation. The additional claims made by Sulliden will exacerbate the backlog of pending cases in Peru, rather than result in a mine being built at Shahuindo. We maintain our position that Sulliden's case is without merit, and Century will continue to pursue a just and expeditious resolution of the dispute. Century seeks to make development possible at Shahuindo and we believe that it would be more productive and in the greater interest of all the stakeholders in Shahuindo to focus on structuring a deal or finalizing the adjudication process rather than delaying or increasing the litigation."
On behalf of the Board of Directors,
"Margaret M. Kent"
Chairman, President and C.E.O.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this press
release.
Contacts
Brent Jones
Manager
Investor Relations
E-mail: bjones@centurymining.com
Phone: (360) 332-4653
Fax: (360) 332-4652
Web site: www@centurymining.com |
