Minority Ownership in Andash Mining Company
Kentor Gold Limited (“Kentor” or the “Company”) has been advised that a minority participant in Andash Mining Company LLC (AMC) has appealed to the Supreme Court of Kyrgystan in relation to the invalidation of its holdings in AMC.
In October 2010, the Talas Interdistrict Court found that the minority ownerships of Aurum Mining plc (Aurum) and Investcenter Talas (ICT) in AMC were invalid. An appeal was made by both parties to the Talas Oblast Court which, in January 2011, upheld the original court decision
A date is yet to be set for the latest appeal but Kentor is firmly of the belief that the action does not affect Kentor’s 80% holding in the project.
A date is also yet to be set for the hearing of the separate case brought against Kentor by ICT alleging that Kentor was somehow responsible for the loss of its holding in AMC. The Company maintains that this case has no merit and will be strenuously defending the action when a date is set.
Kentor will advise the market when the outcomes of these proceedings are resolved.
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