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Gold/Mining/Energy : ABER RESOURCES -- Ignore unavailable to you. Want to Upgrade?

To: Gord Bolton who wrote (1022)	3/15/1999 11:49:00 AM
From: RBMac	Read Replies (1) \| Respond to of 2006

Anyone care to comment on the impact of this: Aber Resources Ltd. announces Camsell Lake project dispute VANCOUVER, March 15 /CNW/ - ABER RESOURCES LTD. (TSE-ABZ, NASDAQ-ABERF) announces that a dispute has developed regarding the exercise of Aber's rights as joint venture owner in the Camsell Lake Diamond Project, located about 220 kilometres northeast of Yellowknife, NWT. The dispute involves Aber's participation in the proposed $12 million exploration budget for 1999. In December 1998, when the 1999 budget was discussed and adopted by Aber and the project operator at a Joint Venture Management Committee meeting, Aber informed the operator that Aber would pay its share of the budget and participate in the program, including the bulk sampling of a diamond-bearing dyke at Snap Lake. In numerous discussions since then, Aber has continued to inform the operator of Aber's participation in the program. Despite that, Aber has been informed by the Camsell Lake project operator that it takes the position that Aber has been deemed to have elected not to participate in the 1999 program and budget and that the operator intends to pay for the entire 1999 program and thereby reduce Aber's 32.24% interest in the project. Aber has disputed the operator's position and is preparing to commence litigation to protect Aber's 32.24% ownership interest. The project operator's position appears to be based on the assertion that notice of Aber's intention to participate in the program was not given in writing, in strict accordance with the terms of the Joint Venture Agreement. Aber asserts that the operator is estopped from taking that position or that alternatively, Aber is entitled to relief from any alleged forfeiture by reasons of the provisions of British Columbia legislation known as the Law and Equity Act. That statute gives the Court the power to relieve a party from the consequences of a penalty or forfeiture. The project operator does not accept Aber's position and Aber has instructed counsel to commence proceedings forthwith to enforce its rights. The Camsell Lake Project is approximately 100 kilometres south of the Aber's principal asset, the Diavik Diamonds Project at Lac de Gras. Aber has a 40% interest in the Diavik Diamonds Project. -0- 03/15/1999 For further information: Kenneth G. Hanna, President and Chief Executive Officer, R. Michael Jones, Vice-President, Corporate Development or Alan J. Bayless, Manager, Investor Relations and Corporate Affairs (604) 682-8555, www.aber.ca