The agreement reached late last year to settle all legal disputes between Pioneer Metals (TSE) and Pegasus Gold Mines (TSE) is near completion. The agreement was conditional upon the verification of certain representations made by Pioneer, as well as Pegasus reaching an agreement with MinVen Gold (TSE), Pioneer’s 50% partner at the Stibnite gold mine in Idaho.
Under the terms of the agreement, Pioneer will transfer its 50% ownership in the Stibnite mine to Pegasus in return for the cancellation of more than $15 million in debentures. Pegasus will also return about 1.8 million Pioneer shares and 1.5 million share purchase warrants for cancellation.
Pioneer said Pegasus subsequently agreed to sell MinVen the Stibnite interest; however, this has not been formally confirmed by Pegasus.
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