Clifton Star sues Osisko in Quebec Superior CourtClifton Star has instituted legal proceedings against Osisko in Quebec Superior Court for breach of contract on the $22.5 million loan facility Osisko has failed to honor.
Link: https://www.miningweekly.com/article/explorer-clifton-star-sues-osisko-for-loan-2014-06-03 TORONTO (miningweekly.com) – TSX-V-listed Clifton Star Resources on Tuesday filed legal proceedings against Quebec-based Osisko Mining in the Quebec Superior Court, to claim for apparent damages sustained by Clifton Star.
The junior explorer alleged that Osisko had not honoured an agreement signed in November 2012, which included a loan of $22.5-million.
Clifton Star it planned to use the to pay an option payment on the Duparquet property, in Quebec.
The company said that Osisko did not make the credit facility available at that time and discussions between the parties had failed to resolve the dispute since then.
The Duparquet/Destor gold property is situated 2 km north of the Porcupine-Destor fault within the Abitibi Greenstone Belt and is a large claim block of about 2 140 ha, covering potential splay fault extensions of mineralisation associated with the Beattie and Donchester past-producing mines located 3 km to 15 km to the west.
The property is currently held by Tres-Or Resources.
Last week, TSX-V-listed Abitibi Royalties also filed a motion with the Quebec Superior Court to grant an injunction against Osisko Mining to enforce its contractual rights under the joint venture arrangement to explore and develop a mining property known as the Malartic CHL prospect.
web: www.cfo-star.com
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