Aurcana Corporation: BC Supreme Court Dismisses Sprott Claim
VANCOUVER, British Columbia, Nov. 10, 2011 (GLOBE NEWSWIRE) -- Aurcana Corporation (TSX-V: AUN.V - News) ("Aurcana" or the "Company") is pleased to advise on November 9, 2011, the Supreme Court of British Columbia pronounced reasons for judgment dismissing, with costs, the legal action commenced on April 15, 2011 by Sprott Asset Management LP ("SAM") and Sprott Resource Lending Partnership ("SLP") against the Company. The action involved claims in breach of contract, misrepresentation and unjust enrichment, among others, and related to two non-binding term sheets for debt financing entered into between the Company, SAM and SLP in 2010.
"We are pleased with the court's decision in the Company's favour and looking forward to focusing its attention on the completion of construction at Shafter and expansion of its La Negra Mine," stated Lenic Rodriguez, President and Chief Executive Officer.
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