A U.S. judge has elected not to dismiss a lawsuit filed by Gold Standard (NASDAQ) against a British merchant banking company in relation to the Mercur gold mine in Utah. Gold Standard, an exploration company based in Utah, claims it was wrongfully deprived of a 25% stake in the Mercur mine, now owned by Toronto-based American Barrick Resources (TSE).
Gold Standard claims that Samuel Montagu & Co., a London mining finance house shared confidential information provided by Gold Standard that eventually enabled Barrick to purchase the mine.
The lawsuit seeks to recover benefits received by Montagu for allegedly sharing the information, in addition to punitive damages.
Judge David Sam denied Montagu’s motion to have the suit dismissed and, as a result, both of Gold Standard’s claims will proceed to trial July 30.
“This was the final hurdle for us in our suit against Montagu,” said Gold Standard President Scott Smith. “We are looking forward to our day in court and are very pleased that the jury will be allowed to hear our case in full.”
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