Quebec Superior Court Rejects Clifton Star's Safeguard Motion Relative to the Duparquet Project
(firmenpresse) - QUEBEC CITY, QUEBEC -- (Marketwired) -- 11/24/14 -- Clifton Star Resources Inc. ("Clifton Star" or the "Corporation") (TSX VENTURE: CFO)(FRANKFURT: C3T) has been notified that the Quebec Superior Court has rejected Clifton's request for a Safeguard motion regarding its rights in the Duparquet Project Option Agreements.
Clifton Star had asked the Court to suspend its obligations under the Option Agreements following litigation having been instituted between some of the Option Owners. Clifton Star felt that this litigation hindered efforts to finance the next option payment of $10 Million, due December 1st, 2014. This $10 Million payment is part of a total of $52.2 Million in Option payments required to be made by Clifton by 2017 in order to allow Clifton to acquire the 90% interest in the Duparquet Project it does not already own. Clifton Star retains a 10% interest in the companies that own the Duparquet Project.
Clifton Star has tried without success for the last year to renegotiate the terms of the Option Agreements with the Owners, in order to reflect the decline of the gold price and of the difficult mining financial markets.
Clifton Star will deploy its best efforts to maintain its option to acquire the remaining 90% in the Duparquet property and will re-evaluate its legal and financial investment in the Duparquet Project on December 1st, 2014, to reflect the value of its interest in the Project. There can be no guarantee that Clifton will be successful in its efforts to maintain its option to acquire the additional 90% of the Duparquet property.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future exploration, financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that drill programs will not yield the expected results. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Clifton Star Resources to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company's most recent Form 20-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Contacts:
Michel F. Bouchard
President and CEO
Clifton Star Resources Inc.
/ (at)cliftonstar1
418-914-9922
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.11.2014 - 15:32 Uhr
Sprache: Deutsch
News-ID 354998
Anzahl Zeichen: 0
contact information:
Town:
QUEBEC CITY, QUEBEC
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 191 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Quebec Superior Court Rejects Clifton Star's Safeguard Motion Relative to the Duparquet Project"
steht unter der journalistisch-redaktionellen Verantwortung von
Clifton Star Resources Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
