An action for damages was recently filed by Bridger Resources (VSE) against Teck (TSE) in the Supreme Court of British Columbia relating to the La Pepa gold mine project in Chile.
Bridger held a 68% interest in the mine project during the summer of 1990 when the two companies were involved in discussions aimed at having Teck provide funds for exploration, development and mill improvements in return for a controlling interest. Bridger said Teck staff visited the mine in July, 1990, and negotiations continued during August.
The statement of claim filed by Bridger alleges that the parties reached an agreement under which Teck had agreed to lend Bridger US$800,000 for a due property payment in September, 1990.
Bridger alleges that Teck breached the agreement, refused to make the loan, and that Teck’s breach resulted in it losing a substantial part of its investment in the mine. Teck has not yet responded to the allegations.
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