Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Rock Resources -- Ignore unavailable to you. Want to Upgrade?

To: the Chief who wrote (1385)	12/13/1999 12:34:00 PM
From: kidl	Read Replies (1) \| Respond to of 1996

Rock legal action against B.C. government proceeding Rock Resources Inc RKR Shares issued 21,543,508 Dec 10 close $0.22 Mon 13 Dec 99 News Release Mr. Thomas Kennedy reports In July, 1995, the provincial government of British Columbia expropriated the company's Amber mineral claims, Rock's then only asset, and in August, 1995, it stated in writing to Rock that: "The government intends to reach fair settlement for tenures affected by new protected areas. A process is now being developed by which settlements can be determined. Your assistance and input will be necessary during the settlement negotiations, therefore you can expect to be contacted once this process has begun." Government failure The provincial government has failed to honour its written words, four and a half years have passed and the only process in place applies to expropriations after Jan. 26, 1999. Rock's proposals On April 15, 1996, after having supplied the government (in June, 1996) with an independent economic evaluation, Rock advised the government of British Columbia that $15-million (Canadian) dollars would be a fair settlement. The amount of $15-million (Canadian) is based on an October, 1995, report outlining $7.8-million (Canadian) of gross estimated mineral resource, interest, lost opportunity, cost, future potential and punitive damages. The government did not give Rock the courtesy of an appropriate response. Other claimants seem to receive an appropriate response and settlement only after commencing legal action. On June 10, 1999, Rock Resources made an extremely fair settlement proposal to the government through their agents. The proposal was not submitted by the agent and was not submitted (to our knowledge) to the appropriate government authorities as requested. Rock's angry investors Rock's small investors distributed around the communities of British Columbia are growing increasingly angry at the government's failure to settle the damage caused to their investment in their province. Rock's actions Rock's patience with the government process is exhausted. After such frustrating effort in trying to reach a settlement in accordance with government promises, Rock commenced legal action on Jan. 9, 1998, Supreme Court registry No. A980073, and is now pushing forward this direction. Rock issued its statement of claim on Sept. 28, 1999, and received the government's reply on Nov. 12, 1999. Rock's lawyers, Lang Michener Lawrence & Shaw, are now preparing for the next legal step -- discovery of documents. Precedents -- 1993 expropriations In a July, 1997, article, the Financial Post reported that the provincial government of British Columbia had reached a comprehensive settlement package with Royal Oak Mines for mineral claims that had been expropriated for the creation of a provincial park. This settlement totalled $166-million (Canadian). Settlement was only reached subsequent to legal action commencing. In a September, 1997, article, the Vancouver Sun reported that the Province of B.C. must pay a $3.5-million (Canadian) penalty to mining firm for a mineral property expropriated for the creation of a provincial park. This penalty, which was for unreasonable delay, was in addition to the $3.9-million (Canadian) compensation award. In late 1997, in case involving a potential expropriation affecting a charitable organization, a B.C. Supreme Court Justice stated: "The concept of expropriation without compensation is not a familiar one in the history of the law in Canada or, indeed, in any of the legal systems of the jurisdictions which share our English legal heritage." Precedents -- 1995 expropriations On Sept. 23, 1997, MacMillan Bloedel with respect to expropriated Timber interests commenced a Supreme Court Action (registry No. A972476) and settled in early 1999 for $84-million (Canadian). Timberwest Forest Corp. negotiated a deal similar to MacMillan Bloedel for $19-million (Canadian). On Dec. 16, 1997, Dark Resources and Kenneth L. Daughtry commenced a class action suit (court registry No. C976712) with respect to the expropriation of mineral claims 1995. Rook Resources management believes further court actions by other aggrieved parties will be commenced. The government's only efforts to date have consisted of pressure tactics at attempting to convince expropriated parties to enter into a shotgun arbitration process. This process would not provide fair compensation as promised. The current government of British Columbia is making a serious error in judgement given the manner in which B.C. residents are being unfairly treated. Rock is pursuing all avenues to ensure receipt of fair compensation. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com