Settlement reached in Midas claim dispute

A lawsuit regarding the overstaking of claims near Midas, Nev., has been resolved.

Under the terms of the settlement, the Midas joint venture, a 50-50 partnership between Franco-Nevada Mining (FN-T) and Euro-Nevada Mining (EN-T), retains title to all of its existing claims in the area, retains title to all of the gold resources established there in the past three years, and acquires title to three disputed claims.

Those claims, known as the Evening Star property, had been leased to Romarco Minerals (RMCM-C) by an individual who had staked them. Romarco agreed to terminate its lease there, and the individual agreed to accept the Midas joint venture’s title to the claims.

The lawsuit did not involve Romarco’s five original claims, which are adjacent to those of the Midas joint venture.

Meanwhile, seven drill rigs are operating at the joint venture’s Rex Grande discovery. The partners are also drilling seven other gold showings in other parts of the 25,500-acre land package.