read March 15 document on SEDARI hold this stock and therefore have biases.
IMO, an "update" has been made public and is now posted on sedar.com and is part of the interim financial statements document posted March 15, 2006.
I shake my head when I read about the potential of the play and put it in juxtaposition with the non-stop legal battles the play seems embroiled in. IMO, this is and has always been about more money to grease some wheels, regardless of what represents justice, truth or fact.
Today I ask the question: "how much money will it take to get Atimmsa and Algamarca to go away, versus, the cost of defending our position coupled with lost opportunity costs of stagnation?"
On another note, I find the following portion from page 11 of 11 pages(labeled page 7) of great interest(but please read the entire document):
"
...
4. Contingencies (cont’d)
(b) Litigation Uncertainty With Respect to the Shahuindo Property (cont’d)
As a result of the legal actions, the transfer of the Shahuindo mining claims to Sulliden had not been completed. Following the decision of the Fifth Civil Chamber of the Superior Court of Lima in September 2004 to remove the injunction and dismiss Atimmsa’s litigation, six of the claims which are registered in the National Public Registry at Lima ("SUNARP") were transferred and registered in Sulliden’s name on February 22, 2005. Sulliden has demanded the registration of the transfer of the remaining twenty claims, which are registered in the District Public Registry at Trujillo, but this registration has not yet taken place. In the meantime, Sulliden understands that Algamarca has succeeded in transferring the registered ownership of eight claims to a third party Minera Pilacones S.A.. Also Algamarca has transferred five of the claims to Inversiones Mineras Sudamericanas S.A.. Sulliden has presented a criminal petition to the prosecutor, a civil demand and a Constitutional action against the registration process and applied for a Court Injunction prohibiting any further transfer of these claims by Minera Pilacones or Inversiones Mineras Sudamericanas S.A pending the outcome of the Arbitration Hearing.
In the opinion of management, the claims of Atimmsa and Algamarca are made in bad faith and without merit and will be defended. The Company has paid the full purchase price of US $4.13 million, including US$10,000 accepted by the shareholders of Algamarca upon signing the Final Letter of Intent on August 15, 2002, as well as $320,000 paid to Algamarca upon execution of the Transfer Agreement on November 11, 2002. Of this latter amount and in fulfillment of Algamarca’s instructions, US $107,244 was in favour of Compania de Minas Buenaventura S.A.A. to release Algamarca from a previous option obligation, with the remaining US $212,756 having been accepted by the Algamarca shareholders. The balance of the total purchase price plus the interest was paid to the Court.
The Company will seek by every means possible to have its ownership of the Shahuindo property confirmed and the claims registered in its name. Sulliden has filed the appropriate appeals, review requests and nullity applications against all the interceding injunctions and will continue where appropriate to seek whatever legal redress is necessary to ensure that the Arbitration Process is completed. In view of its strong legal position Sulliden remains confident that the outcome of the Arbitration Process will be favourable to Sulliden and is of the view that the recent actions by Algamarca represent attempts to try to prevent the Arbitration Tribunal from issuing its Final Judgment. However, the Company cannot predict with certainty the outcome of the various legal actions in Peru or the impact of these actions on the Company’s rights to the Shahuindo property.
"
good tradin'
-oldtimer
p.s. no investment advice intended