A Bermudian mining finance and investment company listed in Luxembourg, European Mining Finance (EMF), says it is trying to find a buyer or partner for a graphite property north of Kingston, Ont.
EMF says it is preparing to take possession of the Kirkham flake graphite deposit, which is owned by Stewart Lake Resources (TSE), to recoup some of its losses. EMF says Stewart Lake defaulted on a note.
The two companies went to court, which EMF says resulted in the judgment that it is owed $728,586 in the form of a loan, note, accrued interest and other sums. Attempts to negotiate another settlement were unsuccessful, EMF says. Since the judgment, EMF says it has engaged consultants to perform an environmental liability study and a revision of the feasibility study.
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