A settlement has been reached between Republic Goldfields (VSE) and Yorbeau Resources (TSE) in a legal dispute over the Ellison gold property in Bousquet Twp., northwestern Quebec.
Republic will acquire 100% of the property and Yorbeau will receive $1 million and retain a net smelter royalty varying between 2% and 2.75% (based on production).
Yorbeau began its legal action in August, 1987. Republic became involved in 1989 when it entered an option agreement to acquire a private company with an interest in the property.
Ellison is bounded by three producing mines: Doyon (owned jointly by Lac Minerals and Cambior) and Bousquet No. 1 and 2 (Lac).
Republic and Yorbeau have also entered a 50-50 agreement covering the Stoch claims, which adjoin Ellison.
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