Altai Informs on the Enactment of Bill 18, Quebec
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 07/15/11 -- Altai Resources Inc. (TSX VENTURE: ATI)(US SEC Rule 12g3-2(b) File # 82-2950) ("Altai" and the "Company") notes that Bill 18 (2011, Chapter 13) has been recently adopted in the Quebec National Assembly to unilaterally revoke without compensation all the oil and gas exploration permits located in the St Lawrence River, West of Anticosti Island.
This newly enacted legislation directly affects approximately 115,000 acres of the total 288,000 net acres of the permits currently held by Altai in the Province of Quebec, effectively expropriating a portion of Altai's existing oil and gas exploration rights.
Bill 18 also contains provisions to exempt holders of exploration permits "from performing the work required under the Mining Act until the date determined by the Minister, which date may not be later than 13 June 2014". The duration of the permits is also extended by the same period of time as the exemption. This provision affects the approximately 174,000 acres of oil and gas exploration permits that Altai will continue to hold in the St Lawrence Lowlands.
The Company is currently reviewing the legislation with its advisers to determine its legal options.
ALTAI RESOURCES INC. IS A RESOURCE COMPANY WITH A PORTFOLIO OF OIL AND GAS, GOLD, AND SULPHUR PROPERTIES IN CANADA AND THE PHILIPPINES.
We Seek Safe Harbour.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Altai Resources Inc.
Marc-Andre Lavoie
President & CEO
(514)-375-0950 and (514) 824-4624
(514) 507-3329 (FAX)
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Datum: 15.07.2011 - 16:48 Uhr
Sprache: Deutsch
News-ID 35128
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Oil & Gas
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