Settlement agreement terminatedÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Northern Abitibi Mining Corpÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ NAI
Shares issued 22,799,405ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Feb 23 close $1.60
Tue 24 Feb 98ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release
Also Hymex Diamond Corp (HMD)
Mr Glen Harper reports
Further to newsÿ inÿ Stockwatchÿ Septemberÿ 19ÿ andÿ Octoberÿ 6ÿ 1997,ÿ the
settlementÿ agreementÿ betweenÿ Northern Abitibi and Hymex Diamond Corp has
been terminated. Hymex and International Mining Co SA wereÿ toÿ obtainÿ the
approvalÿ ofÿ theÿ VSEÿ byÿ Decemberÿ 31 1997 to the agreement between them
respecting the purchase by Hymex of 90% of the shares of IMC.ÿ Thisÿ wasÿ a
conditionÿ toÿ completion of the terms of the settlement agreement. As this
condition was not met by Decemberÿ 31ÿ 1997,ÿ attemptsÿ wereÿ madeÿ byÿ the
partiesÿ toÿ the agreement to extend the deadline, however, agreement could
not be reached on the terms of extension.
As a result Northern Abitibi will continue with itsÿ legalÿ actionÿ against
Hymex and IMC commenced in May 1997. Northern Abitibi claims, amongst other
things, for damages against IMC, Jobran Shakkour,ÿ theÿ principalÿ ofÿ IMC,
Hymexÿ andÿ its subsidiary, Hymex Guinea SA for inducing breach of contract
and interference with economic relations and repayment of US$250,000ÿ (plus
accrued interest) which Northern Abitibi advanced to IMC in connection with
the November 1 1996 agreement.
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