VANCOUVER, May 17 /PRNewswire/ - Guyana Frontier Mining Corp.
("Guyana Frontier") announced today that further to its news of May
5, 2011, an interim injunction was obtained on May 11, 2011 by
Mariwa Mining Company Inc. ("Mariwa") on an ex parte basis against
Ignatius Timmerman ("Timmerman") ordering Timmerman and his workers
to remove all mining equipment from the contested area within the
Sardine Hill prospecting licence (the "Property") held by
Mariwa.
Mariwa, a private Guyanese corporation, is the
holder of the prospecting licence comprising the Property that was
granted to Mariwa by the Guyana Geology and Mines Commission
("GGMC") in 2010. Guyana Frontier has an option to acquire all of
the issued and outstanding shares of Mariwa by making cash and
share payments over a period of five years.
Mariwa has filed a legal action in Guyana
against Timmerman challenging his right to conduct ongoing mining
activities on the Property and his interest in any mining claims on
the Property which were previously declared null and void by the
GGMC on November 5, 1996. The action by Mariwa seeks damages
of GUY$100,000,000 (US$510,200) from Timmerman and a full
accounting of all gold removed from the Property by Timmerman. In
addition, Timmerman is restrained from interfering with access to
the Property by Mariwa, or with any exploration activities carried
out by Guyana Frontier.
On March 23, 2011, Timmerman was granted an
interim injunction denying Guyana Frontier access to the area of
the alleged claims. On April 13, 2011, a court hearing was
held in Guyana and the matter was adjourned until May 11, 2011, and
then adjourned again until June 1, 2011.
Neither the TSX Venture Exchange nor its
Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking
statements" within the meaning of applicable Canadian securities
legislation, including predictions, projections and
forecasts. Forward-looking statements include, but are not
limited to, statements that address activities, events or
developments that Guyana Frontier expects or anticipates will or
may occur in the future, including such things as the results of
litigation in respect of the Sardine Hill property, future
exploration activities on the Sardine Hill property, future
business strategy, competitive strengths, goals, expansion, growth
of Guyana Frontier's businesses, operations, plans and with respect
to exploration results generally, the timing and success of
exploration activities generally, permitting time lines, government
regulation of exploration and mining operations, environmental
risks, title disputes or claims, limitations on insurance coverage,
timing and possible outcome of any pending litigation and timing
and results of future resource estimates or future economic
studies.
Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"planning", "planned", "expects" or "looking forward", "does not
expect", "continues", "scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates", "does not anticipate", or
"belief", or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements are based on a
number of material factors and assumptions, including, the result
of litigation proceedings, drilling and exploration activities,
that contracted parties provide goods and/or services on the agreed
timeframes, that equipment necessary for exploration is available
as scheduled and does not incur unforeseen break downs, that no
labour shortages or delays are incurred, that plant and equipment
function as specified, and that no unusual geological or technical
problems occur. Forward-looking statements involve known and
unknown risks, future events, conditions, uncertainties and other
factors which may cause the actual results, performance or
achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, negotiations with parties to
litigation matters, the interpretation and actual results of
current exploration activities; changes in project parameters as
plans continue to be refined; future prices of minerals; possible
variations in grade or recovery rates; failure of equipment or
processes to operate as anticipated; the failure of contracted
parties to perform; labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing
or in the completion of exploration, as well as those factors
disclosed in the company's publicly filed documents. Although
Guyana Frontier has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
SOURCE Guyana Frontier Mining Corp.