Granges settles Oxford suit

A suit dating back to 1989 over a 9.167% interest in the Trout Lake polymetallic mine in Manitoba is now settled.

Granges (TSE) acquired the interest from Outokumpu on March 22, 1989, prompting Oxford Acquisitions to sue the two companies alleging that it held a prior right to purchase the interest.

Oxford had been seeking damages, including future profits, conveyance of the interest and “other” relief from Granges and Outokumpu.

Terms of the settlement include mutual full and final releases to be delivered by the parties and dismissal of the action on consent without costs. In return, Granges has agreed to issue Oxford 150,000 shares on receipt of stock exchange approval.

Granges currently holds a 29% interest in the Trout Lake mine which, in the first nine months of 1992, netted the company 5.97 million lb. copper, 23.4 million lb. zinc, 7,698 oz. gold and 61,622 oz. silver.