Akiko and Gold Canyon make up

Former partners Gold Canyon Resources (VSE) and Akiko Gold Resources (VSE) have settled their differences over Ontario’s Springpole project.

The dispute arose over Akiko’s claim to its right to buy a 20% interest in Springpole from Gold Canyon. The project is a 50-50 joint venture between Santa Fe Pacific Gold (NYSE) and Gold Canyon.

Akiko has agreed to forgo its claim in return for $1.6 million (to be paid by Gold Canyon) plus certain other considerations. Gold Canyon will make the payment in two stages within 97 days of approval by the Vancouver Stock Exchange.

In addition, Gold Canyon will pay Akiko $2 for each ounce of gold produced at Springpole in excess of 1.5 million oz. (subject to a US$2.1-million buyout).