Bentley tries to sell Bagdad Chase mine

Bentley Resources (VSE) is negotiating the sale of its interest in the Bagdad Chase project in San Bernardino, Cty., Calif., to what it describes as a “major U.S mining company.” But the sale is conditional upon the signing of an operating agreement with Bentley’s co-lessee, United States Oil and Mineral Corp. and certain revisions to the Lease and Royalty agreement with Bagdad Chase Inc.

The proposed sale has been complicated by a lawsuit initiated by U.S.O.M.C against Bagdad Chase and its cancellation of the Lease and Royalty Agreement from Bagdad Chase. The latter says it will not carry on any discussions until the U.S.O.M.C lawsuit is “dismissed or otherwise satisfactorily disposed of.” Apparently U.S.O.M.C has advised Bentley of its willingness to sign an operating agreement under certain conditions. But no deal has yet been signed.