While Lac Minerals (TSE) and International Corona Resources (TSE) have been fighting in court over ownership of the Williams gold mine in northern Ontario, the two sides have also been talking to each other outside of court.
Lac President Peter Allen, while not divulging the nature of the conversations, said at the annual meeting the companies have been talking for the past three or four years.
“It’s on the back burner for the time being but I think it’s our intent to pursue them,” Allen said of the discussions.
At Corona, President Peter Steen also admitted to recent talks about the mine but he said they did not come to anything.
Corona, in its 1987 annual report, recorded annual gold production from the Williams mine (to Sept 30, 1987, the company’s fiscal year-end) of 242,500 oz at a direct operating cost of $167(US). Lac omitted production and financial results for the Williams operation from its 1987 annual report.
In March, 1986, the Supreme Court of Ontario awarded the Williams mine to Corona upon payment of $154 million, a ruling subsequently upheld by the Ontario Court of Appeal. Lac then appealed to the Supreme Court of Canada, which agreed to hear the case Oct 11 of this year. Lac continues to operate the mine.
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