Judge dismisses Barrick action

A New York supreme court judge recently dismissed American Barrick Resources’ (TSE) bid to sue Gold Standard (NASDAQ) for alleged defamation in relation to an ownership dispute over the Mercur gold mine in Utah. The Barrick litigation was launched in October, 1987, after Gold Standard, a Utah-based exploration company, announced its plan to seek full ownership of the Mercur mine plus the value of gold mined since 1983.

As owner and operator of the mine, Barrick sued for $41 million in actual and $10 million in punitive damages for alleged defamation in Gold Standard’s publicity releases regarding the Utah litigation. Barrick also accused Gold Standard of planting an article in Barron’s, a weekly business publication. However, the New York Supreme Court appellate division recently dismissed the Barrick suit.

While Gold Standard President Scott Smith said he is happy to be free of the litigation, a spokesman for Barrick claimed the defamation was merely a side issue.”It has nothing to do with the Mercur mine lawsuit (for which a tria dat ha ye t b set), sai Bell Mulligan Barrick’ senio vice-president of investor relations.

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