The Supreme Court of British Columbia dismissed a motion by Tagish Resources (VSE) and Ken McKenzie to quash an Inspection Report prepared by the Ministry of Energy, Mines and Petroleum Resources which recommended the complaint against the TOK 3-6 claims be dismissed. The TOK 3-6 claims cover the bulk of the reserves on the rich Eskay Creek deposit, north of Stewart, B.C. The now-famous deposit is jointly owned by Prime Resources (VSE) and Stikine Resources (VSE).
The complaint against the TOK 3-6 claims alleged that the claims were invalid because of a gap between the TOK 1 and 2 claims and the TOK 3 and 4 claims.
The Court’s decision also secures ownership of a portion of the claim gap held by Adrian Resources (VSE). A recent calculation of reserves on the gap outlined 77,500 tons grading 1.27 oz. gold and 34.08 oz. silver per ton at a 0.25-oz.-per-ton cutoff grade.
Chet Idziszek, senior vice- president of exploration for Prime, said the Court’s ruling was generally expected and was at a loss to explain the increase in Adrian’s share price prior to the decision.
Adrian ran up from the $1.40 level to a high of $1.87 per share.
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