USMX says the property is the subject of litigation brought against another company. USMX is seeking the imposition of a constructive trust to hold the property for its benefit.
A drill program at USMX Inc.’s (NASDAQ) Goldbanks Hills project in Nevada “does not confirm potentially significant mineralization in the targeted area,” said the company.
The property is the subject of litigation which USMX began in late February against Gary Grauberger and AuCo which USMX believes is owned by him. USMX confirmed it is seeking “the imposition of a constructive trust to hold the property for the benefit of USMX.” Drilling is continuing and so is the litigation, the company said.
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