St. Elias Mines Ltd. (TSX: V.SLI, Stock Forum) provided an update with respect to the status of the petition filed in the B.C. Supreme Court on Feb. 7, 2013 by Darcy Kim Hastman and Gilby Len Hastman, as petitioners, against St. Elias et al, as respondents.
According to the St. Elias Mines press release, the petitioners have advised that they will not at this time be proceeding with scheduling for hearing their application to the Court filed May 28, 2013, whereby the petitioners sought to restrict the company's activities in a variety of ways, pending the determination of the petition on its merits.
St. Elias is a gold-focused exploration company with 12 exploration properties totalling approximately 65,500 hectares in Peru and British Columbia.
On Wednesday, St. Elias rose 10.5% and was trading at $10.5 a share. The company had a market cap of $12.3 million, based on 117.1 million shares outstanding.