U.S.REPORT United Pacific Gold settles dispute

Former joint venture partners Golden Zone (VSE) and United Pacific Gold (VSE) recently agreed to settle a prolonged legal dispute relating to Golden Zone’s Alaskan gold property. Under the terms of the settlement, United Pacific agreed to pay Golden Zone US$600,000 cash over four years and make staged share issuances for a total value of an additional US$375,000.

Golden Zone filed suit because of United Pacific’s alleged failure to pay various contractors for work performed in 1988 on the Golden property. United Pacific spent about $1.8 million on the optioned property; however, it did not receive any interest in the property or credit for the expenditures.

In another corporate development, City Resources Canada (TSE) sold its 43% interest in United Pacific Gold for $200,000 to a group of private investors. United Pacific Gold also agreed to transfer its interest in the Max claims in northwestern British Columbia to City Resources to settle debt in the amount of about $500,000.