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MetalQuest Mining Inc V.MQM

Alternate Symbol(s):  MQMIF

MetalQuest Mining Inc. is a Canada-based exploration stage company engaged in the acquisition, exploration, and development of mineral properties. The Company’s Lac Otelnuk Iron Ore project is an iron ore project in North America situated in Labrador Trough, Northern Quebec, Canada. It owns about 306 mining claims located in Nunavik, Quebec. Its Murray Brook Project is a polymetallic, volcanic hosted massive sulfide deposit and is a NI43-101 compliant mineral resource in the Bathurst Mining Camp. The Murray Brook property consists of Mining Lease 252 and contiguous Mineral Claim Block 4925 (245 claims). The Murray Brook property is located approximately 60 kilometers (km) west of Bathurst, New Brunswick, in Restigouche County, within the BMC.


TSXV:MQM - Post by User

Bullboard Posts
Post by wordsouton Apr 18, 2016 10:17am
117 Views
Post# 24778629

For Clarification

For ClarificationEl Nino Receives DRC Supreme Court Approval for All Arbitration Awards to be Applied in the DRC Against GCP Group October 27, 2014. Vancouver, BC  El Nio Ventures Inc. ("ELN") (TSX.V: ELN   OTC Pink: ELNOF  FRANKFURT: E7Q), is pleased to report that the Supreme Court in Lubumbashi, Democratic Republic of the Congo has approved the Company’s    application (Exequatur) to have all of the awards and conditions received from the International Commercial Arbitration held in British Columbia applied in the Democratic Republic of the Congo (DRC).  Following the Company’s successful outcome in the International Arbitration held in Vancouver, British Columbia, El Nino pursued having the awards in Arbitration applied in the DRC. This process required a concerted and coordinated effort on the part of ELN’s management and its legal counsel in both Canada and the DRC to file the Exequatur application, along with a comprehensive list of supporting documents. These documents included the key components of the Arbitration rulings and the awards rendered in El Nino’s favour. The Company is now taking steps to implement and enforce the following awards against GCP Group;   • A declaration was made that Exploration permits No. 5214 (Kasala), 5215, 5216 and 5217 are the property of Infinity Resources Sprl, not GCP’s. • GCP must pay ELN damages in the amount of US$101,850.32, ELN may set off against the US$100,000 final installment owing under the Joint Venture Agreement and Option Agreement to complete the earnin for El Nino’s 70% Interest in the Kasala Permits.   • GCP must pay additional costs to El Nino Ventures in the amount of CDN$431,532. Postaward interest is payable on all costs awarded including the net amount of USD$1,850.32 for damages as well as CDN$431,532 for arbitration costs, at a rate of 5% per annum compounded annually from March 21, 2014 until paid. • GCP must transfer 20% of the infinity shares to Mr. Hassan Sabra. For the sake of clarity, GCP must transfer to Mr. Sabra two thirds of the 30% of the shares in Infinity that it has held for Mr. Sabra. (Infinity Resources Sprl  70% ELN/20% H. Sabra/10% GCP) • A declaration was made that George Kavvadias and Global Consulting Group Ltd. (GCP) have no right to participate in the activities of Infinity Resources beyond the rights as a minority 10% shareholder. • Global Consulting Group Ltd. (GCP) must return all assets of Infinity Resources Sprl to the control of El Nino Ventures including but not limited to all mining permits and site, vehicles, equipment, drill core and data. GCP must act reasonably to ensure a smooth transition and transfer of the Infinity assets to ELN who is the major shareholder and operator of the joint venture company, Infinity Resources Sprl.
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