Could this be a dispute over claimed ore grades ,lease boundaries ,missing machinery??
Comments by our in house mining fraternity invited please ,
____________________________________________ 5 May 2005 ASX ANNOUNCEMENT SMC OBTAINS INTERIM ORDER
SMC Gold (SMC) has obtained an interim Order from the Supreme Court in Queensland in respect of 17,000,000 shares in SMC owned by Los Angeles Inversiones, the vendor of Compania Minera Tamaya (CMT) shares.
The Order prohibits the sale of those shares until further Order by the Court.
The vendor has the opportunity to be heard on the interim Order on 18 May 2005. On that date SMC will seek an Order that the interim injunction is extended until a damages claim against the vendor is heard.
The claim relates to certain warranties made by the vendor at the time of SMC’s purchase of the CMT shares.
The company’s projected cash flows from the CMT operations in Chile are unaffected by the action.
Progress on the plant upgrade program is well advanced and the company’s management remains focussed on mining operations at Punitaqui.
Contact for further information is: Rob Kidd on 07 3839 4166 or 0409 872544 Rob Kidd Managing Director
SMO Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
