Atlantic Gold NL : Cochrane Hill Project - Purchase payment deferred
05/22/2012| 08:45pm US/Eastern
Recommend:
23 May 2012
ASX Market Announcements
ASX Limited
Exchange Centre
20 Bridge Street
Sydney NSW 2000
Payment of balance of Cochrane Hill Gold Project purchase
price deferred
On 12 March, 2012 Atlantic Gold NL (ASX:ATV) announced that
following a 3-day hearing, the Supreme Court of Nova Scotia
declined Steeple Holdings Limited's (Steeple) application for
an order for specific performance which would have required
the
transfer of the Cochrane Hill gold property to Steeple.
While the Supreme Court of Nova Scotia declined (in open
court) Steeple's application for an order for specific
performance against Atlantic Gold's Canadian subsidiary DDV
Gold Ltd, the Court is yet to deliver its formal orders or
written reasons. Steeple has also declined to remove a caveat
lodged by it against the Cochrane Hill gold property, which
is now the subject of a separate application currently
scheduled to be heard on 26 June
2012. In the circumstances, Scorpio Gold (Canada) Corporation
(the vendor of the Cochrane Hill gold property) and Atlantic
Gold have agreed to defer payment of the final instalment of
the purchase price, namely CAD 1 million, pending resolution
of the outstanding issues regarding Scorpio Gold's title to
the Cochrane Hill gold property.
If those issues are not resolved by 30 June 2012, Atlantic
Gold's Canadian subsidiary will pay the balance of the
purchase price to an escrow agent pending resolution of those
issues.
W R Bucknell
Executive Director
About Atlantic Gold NL
Atlantic Gold is an ASX listed company (ATV) which aims to
develop open pit gold deposits in Nova Scotia, the Touquoy
and Cochrane Hill Gold Projects being the starting point. The
extensive goldfields of Nova Scotia have never before been
systematically approached in this way. The Company's skills
are derived from 15 years of such work in Western Australia,
where its principals (Chairman, Ron Hawkes and Executive
Director, Wally Bucknell), as executives and directors of
the highly successful Plutonic Resources Limited, discovered
more than 11 million ounces of gold and operated up to five
gold mines, three of which are still in production, and now
owned by Canada's Barrick Gold Corporation. The Company
principals have considerable previous experience in
exploration in Atlantic Canada.
Suite 506
815 Pacific Highway
Chatswood NSW 2067
Australia
t (612) 9410 0993 f (612) 9410 0958
Atlantic Gold NL
ABN 82 062 091 909 www.atlanticgold.com.au
distributed by
|
|
Recommend :
