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Aber, Winspear argue
The Vancouver Sun
Rod Nutt, Sun Business Reporter Vancouver Sun
Two Vancouver companies, Aber Resources Ltd. and Winspear Resources
Ltd., are in dispute over the Camsell Lake diamond property in the Northwest
Territories.
The disagreement involves Aber's participation in the proposed $12-million
exploration budget for 1999.
Winspear, the operator, maintains Aber has decided not to participate in the
1999 program and budget. As a result, Winspear said it will pay for the entire
program, thereby reducing Aber's 32.24-per-cent interest in the project.
"The project operator's position appears to be based on the assertion that
notice of Aber's intentions to participate in the program was not given in
writing, in strict accordance with the terms of the joint-venture agreement,"
Aber said in a statement Monday.
Aber said it's protected from any forfeiture of its position in Camsell Lake by
the provincial Law and Equity Act and has instructed counsel to start
proceedings to enforce its rights.
The Camsell Lake diamond project is 220 kilometres northeast of Yellowknife
and 100 kilometres south of Aber's principal asset, the Diavik diamond project
at Lac de Gras, N.W.T.
Separately, Winspear president and chief executive officer Randy Turner said
the company's board of directors has approved a corporate restructuring.
Under the proposal, all of Winspear's early-stage exploration properties will be
spun off into a new company.
Winspear will continue to hold its interest in the Camsell Lake property.
Margie |
