KIRKLAND LAKE, ON, Dec. 3 /CNW/ - GLR Resources Inc. ("GLR") has commenced an action against Brigus Gold Corp. ("Brigus", formerly Linear Gold Corp.) in the Ontario Superior Court of Justice seeking payment from Brigus of US$3,000,000 and CDN$1,200,000. The claim relates to non‐payment by Brigus of amounts owing pursuant to the Agreement of Purchase of Sale dated May 25, 2009 between Linear Gold Corp. (now Brigus) and GLR, as amended (the "Agreement of Purchase and Sale") as outlined in the GLR Press Release dated November 10, 2010.
Commenting on the forgoing Robert Kasner, President and CEO of GLR, stated: "I continue to be extremely disappointed by the failure of Brigus to comply with its payment obligations. Contrary to its public statements and contractual obligations, Brigus did not provide regular written updates on the status of the Goldfields mill with respect to which it now claims deficiencies, Brigus had not previously notified GLR of any such deficiencies, and GLR is not aware of any such deficiencies. GLR is confident in its action against Brigus and will prosecute it vigorously."
GLR is a Canadian‐based junior mining and exploration company focused on existing projects in Ontario and Quebec. GLR is listed for trading on the Canadian National Stock Exchange (the "CNSX") under the trading symbol "GLE".
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.
Forward-Looking Information
This news release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that GLR believes, expects or anticipates will or may occur in the future including, without limitation, statements relating to GLR's prosecution of its action against Brigus are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of GLR based on information currently available to GLR. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of GLR to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on GLR. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, unforeseen events, costs and/or complications in the litigation process and the uncertainty of a favourable decision being rendered inherent in the litigation process generally.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, GLR disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although GLR believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information:
Robert Kasner, President and CEO
Telephone: 1 705 567 5351
E-mail: [email protected]
www.glrresources.com
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