This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Minaurum Gold Inc. has filed a lawsuit in the Supreme Court of British Columbia against the vendors of the Vuelcos del Destino project in Mexico. Minaurum claims that the vendors are refusing to honour an option agreement that goes back to 2010, in which the company was to acquire a 100-per-cent interest. According to the suit, the vendors have taken the position that the option agreement is not legally enforceable.

The allegations are contained in a notice of claim that Minaurum filed at the Vancouver courthouse on July 25, 2024. The defendants are Paradex Inc. and Minera Zalamera SA de CV. The suit identifies Paradex as a company incorporated in Arizona. It is the parent company of Minera Zalamera, which is incorporated in Mexico.

The case arises from an option agreement that Minaurum entered into on April 3, 2010, in which it was to acquire the Vuelcos project. At the time, the company touted the project as being near the Los Filos gold mine, credited with 11 million ounces of gold. The deal called for Minaurum to pay $335,000, issue one million shares and spend $2-million on exploration.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS