$208,000 suit filed over Cariboo propertyÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Gallery Resources Limitedÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ GYR
Shares issued 26,195,002ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Nov 27 close $0.47
Fri 28 Nov 97ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Street Wire
by Brent Mudry
Gallery Resources faces a $208,000 suitÿ fromÿ aÿ Calgaryÿ claimÿ operator,
whichÿ also seeks the return of title to a number of claims in BC's Cariboo
region known as Gem Group 1 and Gem Group 2. In a statement of claimÿ filed
Thursdayÿ inÿ BC Supreme Court, Carverson International, run by Don Carter,
namesÿ Gallery,ÿ Kotzerÿ Enterprisesÿ andÿ Frankÿ Kotzerÿ ofÿÿ Quesnelÿÿ as
defendants.ÿ Theÿ suitÿ notesÿ that Mr Kotzer bought the claims for $50,000
from Janet Bird and optioned themÿ forÿ theÿ sameÿ priceÿ toÿ Carversonÿ in
October 1989. Carverson claims it spent $207,900 by January 1996 working on
the property. The suit claims that Mr Kotzer met with Galleryÿ inÿ 1993ÿ to
discuss Gallery buying the claims from Carverson.
According to the suit, three years later, in Marchÿ 1996,ÿ Carversonÿ first
foundÿ out about the negotiations with Gallery, when Mr Kotzer said Gallery
was interested in paying $1 million for theÿ claims.ÿ Mrÿ Kotzerÿ allegedly
assuredÿ Carversonÿ thatÿ itÿ wouldÿ get $250,000 out of the deal. The suit
makes no mention of who might receiveÿ theÿ remainingÿ $750,000.ÿ Carverson
claimsÿ thatÿ on April 25 1996, Kotzer Enterprises optioned the property to
Gallery for 100,000 Gallery shares, $125,000 cash over fiveÿ yearsÿ andÿ $1
millionÿ ifÿ Galleryÿ chose to exercise its option. Carverson claims Kotzer
induced it to miss submitting its assessment work and paying its assessment
taxes, in a bid for Kotzer to regain title to the claims. Carverson seeks a
court declaration invalidating Gallery's interest in the property.ÿ Gallery
and its co-defendants have not yet filed statements of defence.
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