Macarthur Minerals provides an update on litigation
July 06 2020 - 8:00AM
Macarthur Minerals Limited (TSX-V:
MMS) (ASX:
MIO) (the “Company” or “Macarthur”)
reports that the decision in the Queensland Supreme Court, Court of
Appeal, heard on 24 October 2019, with regards to the appeal by Mr
Charles Chan, Mr Victor Chan and Mr Edward Kwok against Macarthur
Minerals and Other Respondents (“FSDC Directors’ Claim”), was
handed down on Tuesday, 30 June 2020.
The Court of Appeal dismissed the appeal with
costs.
The FSDC Directors’ Claim was initiated in
January 2016 and with the original proceeding having previously
been dismissed by the primary judge.
The Company has provided periodic updates on the
progress of the litigation in previous documents filed on TSX-V and
ASX, including in its annual reports and regular Management’s
Discussion and Analysis.
The decision to dismiss the appeal was a
unanimous decision of the Court of Appeal. Macarthur is
satisfied with the Court’s decision and considers it a favourable
outcome for the Company.
On behalf of the Board of Directors, Mr Cameron McCall,
Executive Chairman
Company profile
Macarthur is an iron ore development, gold and
lithium exploration company that is focused on bringing to
production its Western Australia iron ore projects. The Lake Giles
Iron Project mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe; and the Moonshine magnetite resource of
710 million tonnes (Inferred). Macarthur has prominent (~721 square
kilometer tenement area) gold, lithium and copper exploration
interests in Pilbara region of Western Australia. In addition,
Macarthur has lithium brine Claims in the emerging Railroad Valley
region in Nevada, USA.
This news release is not for
distribution to United States services or for dissemination in the
United States
Caution Regarding Forward Looking
Statements
Certain of the statements made and information
contained in this press release may constitute forward-looking
information and forward-looking statements (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. All statements herein, other than statements
of historical fact, that address activities, events, beliefs,
plans, statements about future events, trends or performance,
assumptions or developments that the Company believes, expects or
anticipates will or may occur in the future, are forward-looking
statements. The forward-looking statements in this press
release reflect the current expectations, assumptions or beliefs of
the Company based upon information currently available to the
Company. Although the Company believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and no assurance can be given that these expectations
will prove to be correct as actual results or developments may
differ materially from those projected in the forward-looking
statements. Readers are cautioned not to attribute undue
certainty and not to place undue reliance on forward-looking
statements due to the inherent uncertainty thereof. Such statements
relate to future events and expectations and, as such, involve
known and unknown risks and uncertainties. The
forward-looking statements contained in this press release are made
as of the date of this press release and except as may otherwise be
required pursuant to applicable laws, the Company does not assume
any obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
For more information please contact:
Joe Phillips
CEO & Director
+61 7 3221 1796
communications@macarthurminerals.com
Investor Cubed
Neil Simon, CEO
+1 647 258 3310
info@investor3.ca
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