Utah-based company Gold Standard (NASDAQ) recently won what it regards as a significant ruling in its attempt to win control of the Mercur mine from American Barrick Resources (TSE). The Utah Supreme Court has granted Gold Standard the right to use two internal documents drafted by Getty Oil in 1984 when legal proceedings reach the trial stage next year.
In the documents, according to Gold Standard, Getty’s chief mining engineer and its vice-president of production both deny that any feasibility study was ever conducted on the property.
Gold Standard is suing American Barrick, Texaco Inc. and Texaco subsidiary Getty Oil for breach of fiduciary duty arising from the sale of the Mercur gold mine to Barrick in 1985.
The Supreme Court’s ruling overturns a decision in the state court, which would have prevented Gold Standard from using the documents as evidence in the trial.
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