https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEGX-2355082&symbol=EGX®ion=C
Ecuador Gold and Copper Corp. denies that it owes anything to GBM Minerals Engineering Consultants Ltd., a U.K. firm that is suing the company in the Supreme Court of British Columbia over a $387,141 debt. The company is asking that the case be dismissed, claiming that a preliminary economic assessment GBM produced is of questionable value. The PEA was late and lacked supporting information, Ecuador Gold says.
The statements from Ecuador Gold come in response to a notice of claim that GBM filed at the Vancouver courthouse on Feb. 1, 2016. The suit complained that Ecuador Gold was supposed to pay 177,470 British pounds under a May 29, 2015, agreement between the companies. The money was payable on Nov. 28, 2015, but GBM received nothing, the suit stated. GBM sought court-ordered payment, with interest.
For its part, Ecuador Gold says that the matter is far from that simple. In a response filed on March 9, 2016, the company cites several difficulties it encountered with a PEA that GBM was supposed to produce on the company's Condor gold project. Ecuador Gold originally arranged for GBM to prepare the PEA on Oct. 1, 2013, but the document did not arrive until May 29, 2015.