Vancouver, B.C. – April 9, 2008 –Luzon Minerals Ltd. (the “Company” or “Luzon”) (TSX-V: LZN) announces that it recently received a default notice in respect of its Lipichi property in Bolivia. Luzon disputed the default notice based on its declaration that a Force Majeure clause applied in relation to its obligations to the vendor of the subject property. Pursuant to the agreement, the vendor had an obligation to ensure that Luzon would have “unrestricted access” to the property and to remedy any situation which restricted Luzon’s access. The vendor was unable to do so and the issue has not yet been resolved. Through its legal representative in Bolivia, Luzon had been attempting to deal with this issue with the agreement and concurrence of the vendor. Luzon’s legal representative has now resigned. His resignation has created uncertainty in the continuity of these discussions with the vendor. The above situation has been further complicated because Luzon understands that Republic Gold Limited has been meeting with the vendor in an effort to obtain an interest in the Lipichi property. This has been referred to in Luzon’s recently filed Statement of Defence and Counterclaim pertaining to the outstanding issues between Republic Gold and Luzon. Luzon intends to defend its right, title and interest to the Lipichi property into the future.
things are falling into place
BIG Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held