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Gold/Mining/Energy : Exall Resources/Glimmer Resources
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To: Winzer who wrote (894)4/22/1999 10:09:00 AM
From: Alain  Read Replies (1) of 1319
 
NEWS---------


Exall receives positive appeal decision

Exall Resources Limited EXL
Shares issued 28,360,919 Apr 20 close $0.25
Thu 22 Apr 99 News Release
Mr. Stephen Roman reports
The company has declared that the Court of Appeal of Ontario has released a
decision on the appeal by Exall from the Orders of the Honourable Mr.
Justice Rosenberg. Mr. Justice Rosenberg's decision: interpreted the joint
venture agreement, directed a Court reference as to the respective
participating interests of the partners, and determined that if the
interpretation and the Court reference were to result in dilution of
Exall's interest, it was not entitled to relief from that dilution.
The Court of Appeal accepted the interpretation of the agreement, but found
that the Honourable Mr. Justice Rosenberg failed to consider evidence
supporting Exall's contentions, and that the failure to consider that
evidence constituted an error in principle.
The Court of Appeal held that: "The finding that Exall acted unreasonably
cannot stand..." and, "...the evidence of Exall's full and timely
disclosure of its mode of operation to Glimmer, its invitation to Glimmer
to raise any problems Glimmer had with that operation, and Glimmer's
purported acquiescence should have been considered..." and directed the
issue back before a Judge after the Court reference. The Court reference
process has begun, but Glimmer is seeking different directions from a Judge
since the Honourable Mr. Justice Rosenberg has recently retired.
There has yet to be a new Judge assigned.
Exall continues as operator of the mine, and mine operations continue
unaffected.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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