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Gold/Mining/Energy : Exall Resources/Glimmer Resources
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To: Mayer Tchelebon who wrote (468)1/29/1998 11:06:00 AM
From: Alain  Read Replies (1) of 1319
 

Thursday, January 29, 1998

Glimmer, Exall fight over court ruling

By PAUL BAGNELL
The Financial Post
ÿTwo Ontario mining companies quarrelled yesterday over the meaning of a judge's decision in their court fight over control of a gold mine.
ÿExall Resources Ltd. issued a news release saying a ruling by Justice Alvin Rosenberg of Ontario Court, general division, has set the stage for a court-appointed referee to confirm Exall's majority ownership of the Glimmer gold mine near Timmins, Ont.
ÿBut the other party in the dispute, Glimmer Resources Inc., said Exall's release misinterprets the judge's ruling.
ÿAt issue is whether Exall can count about $4 million in operating fees charged Glimmer toward its cash contributions to the mine.
ÿExall said Rosenberg ruled Exall's fees can be included in a determination of how much of the mine it owns.
ÿHowever, Glimmer chief executive Richard McCloskey said the judge ruled the fees can only be calculated on the basis of the actual costs of running the mine, not at the 15% rate charged by Exall.
ÿBoth companies insist their calculations show they own more than 50% of the mine.
ÿA court-appointed referee is to calculate the respective interests, under direction from Rosenberg.
ÿ

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