A Nevada court has ruled against David Hermiston in a claim launched by a unit of
Through associates and/or entities under his control, Hermiston has contested Farallon’s ownership of Campo Morado, in Canada, Nevada and Mexico. The Canadian lawsuit — brought in the names of Summex Mines and John Torok — was dismissed in Farallon’s favour in 1998. The lawsuits in Nevada — brought in various names, including Summex Mines, David Hermiston and John Torok — were dismissed in 1999. Only the Mexican suit remains outstanding, though Farallon is optimistic the Mexican courts will also rule in its favour.
In the latest decision in Nevada, the court ruled that “any and all interests of any kind that Hermiston may hold in the concession shall be, and hereby are, declared to be held in trust for the benefit of Farallon.” Hermiston was also ordered to pay damages and costs of US$646,991 to Farallon.
Farallon believes that Hermiston and various associates are still soliciting funds from former shareholders of Summex Mines and new potential investors in order to continue challenging the ownership. Potential investors should be aware that Farallon intends to seize all funds or assets owned or held by Hermiston, says Farallon President Ronald Thiessen.
Furthermore, Farallon notes that the Alberta Stock Exchange previously investigated Hermiston’s activities while he was president of Canadian Eagle Explorations. As a result of that investigation, Hermiston was banned for life from being involved in public companies in that province.
The Camp Morado concessions cover a Mexican district considered prospective for gold, silver, copper and zinc sulphide deposits.
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