LONDON, ONTARIO -- (Marketwired) -- 04/19/13 -- Montana Gold Mining Company Inc. ("MGM" or the "Company") (CNSX: MGM) has won an appeal before the United States Court of Appeals, Fifth Circuit, which follows the successful defense of a lawsuit where a judgment was entered in February of 2012 in favor of the Company and all of the other named Defendants by the United States District Court for the Western District of Texas, San Antonio Division.
The lawsuit was originally filed in February, 2010, prior to the current management joining the Company, and initially sought $1,000,000,000 in monetary damages against 16 defendants, including the Company. The plaintiff alleged causes of action for misuse of its confidential information in the locating and staking of mining claims.
Following the judgment in favor of the Company in February, 2012, an appeal was filed and an appeal hearing was held in December, 2012. On April 17, 2013, the United States Court of Appeals for the Fifth Circuit issued its opinion affirming the judgment in the court below in favor of all defendants.
MGM President and CEO Edward (Ted) Ellwood, MBA comments: "This decision is a tremendous relief and will allow the Company to better focus on its gold exploration projects in Nevada and Montana. While it is possible the appellants could take further action it gives me a great degree of confidence having won both the initial lawsuit and the appeal."
MGM owns a 100% interest in two gold exploration projects located in Nevada and Montana. Brief summaries are provided below and greater information is provided on www.montanagoldmining.com, including NI 43-101 Reports filed on both properties.
Golden Trail Project, Elko County, Nevada
Golden Trail is situated on the Pequop Trend (also called the Eastern Nevada Gold Trend), a recently identified gold trend in north-eastern Nevada that in 2011 saw Newmont Mining Company ("Newmont") take over the former owner of the Long Canyon property, 52 miles south of Golden Trail for a reported $US2.3 Billion. Subsequent to Newmont's acquisition of Long Canyon, Newmont staked 211 mineral claims totaling some 4,300 acres that completely surround the Company's Golden Trail Project.
Silver Bell-St. Lawrence Project ("SBSL"), Virginia City Mining District, Montana
The SBSL property hosts two past producing gold mines (early 1900's) with former shafts located 3,600 feet apart. The Company is employing modern exploration techniques to determine whether the mineralized systems may in part be contiguous.
Luard J. Manning, P.Eng. is the qualified person responsible for reviewing this press release for content and accuracy.
Montana Gold Mining Company Inc. is a reporting issuer in good standing in the Province of Ontario whose common shares are listed on CNSX (Symbol: MGM). There are 32,631,007 common shares issued and outstanding in the capital of the Company.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's ability to complete exploration programs.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to initiate and complete future exploration work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's future exploration work, technical, safety or regulatory issues. Also, the appellants in the case discussed above may take further action which is beyond the Company's control.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Montana Gold Mining Company Inc.
Edward (Ted) Ellwood, MBA
President & CEO
Most Popular Stories
- New Hershey's Logo Revealed
- Americans Still Pessimistic Despite Economic Growth
- Obama's Delay on Immigration Creates Uncertainty
- Startups Offer Smartphone Banking Apps
- Mexico's Pemex Forecasts 6.7% Drop in 2014 Crude Production
- Clippers Deal Started With 2 Numbers
- 'Longmire' Cancelled, Looks for New Network
- Echeveste Steps Down, Perez Steps Up at VPE
- Illinois Issues Fracking Rules
- Hip-Hop Takes Up Ferguson Cause