RE: Take Out TargetBobgolden---> From the website:
Jan 24 , 2006
ERIN SEEKS COMPENSATION RE: SERBIAN BORON PROPERTY
Further to its news release dated November 29, 2005, Erin reports the following:
Erin Ventures Inc. has commenced the process of legal action against Elektroprevreda-Serbia (the Serbian government’s wholly owned, national power corporation). Erin is seeking compensation regarding the Piskanja boron property in Serbia. This claim, the first step in an anticipated larger litigation strategy, seeks monetary compensation for losses and certain damages, totaling approximately US$15 million.
Further legal action, if taken by Erin, will seek substantial compensation for lost potential profits from the boron property, and other damages apart from the initial US$15 million claim; may name Elektroprevreda and/or other related, responsible parties; and may be conducted within Serbia and/or other international venues.
This legal action is in defense of Erin’s contention that it holds a valid joint venture contract with Elektroprevreda with respect to the development of the Piskanja boron property, located within the Jarandol Basin of Serbia. Recently, the current Serbian government granted a concession to exploit the boron deposits in the Jarandol Basin to a third party, in spite of direct knowledge of Erin’s contractual rights to the property, including a prior Serbian government’s official sanctioning of Erin’s joint venture contract with Elektroprevreda.
After careful deliberation, Erin has retained the services of a respected, experienced Serbian legal team to represent it in this matter. In order to mitigate its legal costs, Erin has negotiated an agreement whereby its legal counsel is to be compensated primarily on a contingency basis, receiving 5% of the proceeds of any compensation awarded to Erin as a result of this action.
This matter will be adjudicated by the Serbian International Arbitration Court. It is anticipated that a ruling will take anywhere from several months up to one year to complete. Further information respecting these matters will be provided as it becomes available.