LAWSUITS NEWS & LEGAL INFORMATION
Mining Rights
Vancouver, Canada: (Mar-18-08) Journey Resources Corp., a mineral-exploration resource company trading on the TSX Venture Exchange, has been embroiled in a legal battle with Trio Gold Corp., the underlying owners, Sultana Resources LLC and Zico LLC, over its leasehold interest in the Empire Mine property, located in Custer County, ID.
In a recent development in the case, company spokespersons on both sides confirmed that the parties had reached a settlement, resolving the dispute. As per the terms of the settlement agreement, Zico has agreed to pay Journey a total cash amount of CDN$1 million on or before July 3, 2008 in consideration for 100% of Journey and Trio's interest in the Empire Mine property. The payout will take into consideration all work products to date. Additionally, Journey has agreed to pay Trio a total of CDN$100,000 of such consideration for its interest in the property. The money that will be paid by Zico is subject to a 120 day satisfactory due diligence period, in which Zico will conduct due diligence on the work product on the Mine property. Following that, the $1 million will be paid, and Journey and Trio will release any claim of interest in and to the property. [YAHOO FINANCE: JOURNEY ANNOUNCES SETTLEMENT ON EMPIRE MINE PROJECT]
Published on Mar-19-08
In a recent development in the case, company spokespersons on both sides confirmed that the parties had reached a settlement, resolving the dispute. As per the terms of the settlement agreement, Zico has agreed to pay Journey a total cash amount of CDN$1 million on or before July 3, 2008 in consideration for 100% of Journey and Trio's interest in the Empire Mine property. The payout will take into consideration all work products to date. Additionally, Journey has agreed to pay Trio a total of CDN$100,000 of such consideration for its interest in the property. The money that will be paid by Zico is subject to a 120 day satisfactory due diligence period, in which Zico will conduct due diligence on the work product on the Mine property. Following that, the $1 million will be paid, and Journey and Trio will release any claim of interest in and to the property. [
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