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

To: Winzer who wrote (894)	4/22/1999 10:09:00 AM
From: Alain	Read Replies (1) \| Respond to 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