TSX: DIAM
SASKATOON, SK, June 2, 2020 /CNW/ - Star Diamond Corporation
("Star Diamond" or the "Corporation") announced today that its
injunction application against Rio Tinto Exploration Canada Inc.
("RTEC") is currently scheduled to be heard by the Court of Queen's
Bench for Saskatchewan (Judicial
Centre of Saskatoon) on
June 29 and 30, 2020. The
injunction application was brought by Star
Diamond as part of the previously disclosed legal
proceedings (the "Legal Proceedings") that Star Diamond commenced against RTEC earlier this
year related to RTEC's purported exercise in November 2019 of its four options under the
Option to Joint Venture Agreement dated June
22, 2017. The injunction application seeks, among
other things, to restrain RTEC from calling any meeting of the
management committee under the joint venture agreement between
Star Diamond and RTEC that would
have come into effect if RTEC had validly exercised its four
options in November 2019. After the Legal Proceedings were
commenced, RTEC agreed that, until the Court has rendered a
decision on the injunction application, RTEC would not seek to call
any meeting of such management committee.
In light of current restrictions related to COVID-19 impacting
the operations of the Court, Star
Diamond currently expects that the hearing of the injunction
application will occur by teleconference among the parties and
their respective counsel and not be accessible to the public.
However, both the timing of the hearing of the injunction
application and the manner in which such hearing will be conducted
are subject to further order of the Court, and there is no
certainty that such hearing will not be delayed or be heard in a
different manner. Star Diamond
expects to provide a further update once the injunction application
is determined by the Court.
About Star Diamond Corporation
Star Diamond Corporation is a Canadian based corporation engaged
in the acquisition, exploration and development of mineral
properties. Shares of the Corporation trade on the TSX
Exchange under the trading symbol "DIAM". The Corporation's
Fort à la Corne kimberlites (including the Star - Orion South
Diamond Project) are located in central Saskatchewan in close proximity to established
infrastructure, including paved highways and the electrical power
grid, which provide significant advantages for future mine
development.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements as defined
by certain securities laws, including the "safe harbour" provisions
of Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
information is often, but not always, identified by the use of
words such as "anticipate", "believe", "expect", "plan", "intend",
"forecast", "target", "project", "guidance", "may", "will",
"should", "could", "estimate", "predict" or similar words
suggesting future outcomes or language suggesting an outlook. In
particular, statements regarding the Corporation's future
operations, future exploration and development activities or other
development plans constitute forward-looking statements.
Forward-looking statements contained or implied in this press
release include, but are not limited to, the Corporation's
expectations regarding when and how the Court's hearing of the
Corporation's injunction application is likely to occur.
These forward-looking statements are based on the Corporation's
current beliefs as well as assumptions made by and
information currently available to it and involve inherent
risks and uncertainties, both general and specific.
Risks exist that forward-looking statements will not be achieved
due to a number of factors including, but not limited to,
developments in world diamond markets, changes in diamond prices,
risks relating to fluctuations in the Canadian dollar and other
currencies relative to the US dollar, changes in exploration,
development or mining plans due to exploration results and changing
budget priorities of RTEC or the Corporation, risks related to the
legal proceedings commenced by the Corporation against RTEC, the
effects of competition in the markets in which the Company
operates, the impact of the COVID-19 pandemic, risks related
to the operation of the BSP and the processing methods being used
by RTEC and the effectiveness thereof, the impact of changes in the
laws and regulations regulating mining exploration, development,
closure, judicial or regulatory judgments and legal proceedings,
operational and infrastructure risks and the additional risks
described in the Corporation's most recently filed Annual
Information Form, annual and interim MD&A. The Corporation's
anticipation of and success in managing the foregoing risks could
cause actual results to differ materially from what is anticipated
in such forward-looking statements.
Although management considers the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to it, those assumptions may prove to be
incorrect. When making decisions with respect to the Corporation,
investors and others should not place undue reliance on these
statements and should carefully consider the foregoing factors and
other uncertainties and potential events. Unless required by
applicable securities law, the Corporation does not undertake to
update any forward-looking statement that is made herein.
SOURCE Star Diamond Corporation