Adroit Resources Inc.: Expropriation Appeal Decision
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/30/10 -- Adroit Resources Inc. (TSX VENTURE: ADT)(FRANKFURT: A7V)(BERLIN: A7V) -
In a judgment handed down on June 29, 2010, the Court of Appeal for British Columbia allowed the appeal in part and dismissed the cross-appeal awarding the Government of British Columbia the costs of both the appeal and cross-appeal.
The Court of Appeal ordered that the disturbance damages ordered by the trial judge be reduced from $303,633 to $3,633 effectively halving the trial judge's award. The Company's news release of June 25, 2009 refers to the trial judge's order.
On July 30, 2009, the Company reported that the Government of British Columbia had filed a Notice of Appeal indicating its intention to appeal the compensation award in favour of the Company made by the Supreme Court of British Columbia on June 24, 2009. The Company subsequently protested that the Notice of Appeal was served late, with the result that the Government was required to apply to the British Columbia Court of Appeal for an Order extending the time for serving the Notice of Appeal.
On November 10, 2009 the Company reported that the Court of Appeal had granted the Government's application for an extension of time, but provided that the Government must pay $650,000 to the Company within 7 days to stay execution by the Company on its judgment. Management was pleased to report that the Company had received the required C$650,000 payment from the Government.
The Company estimates the total value of the compensation originally awarded by the Supreme Court for the expropriation of the 'Amber' mineral claims to be well in excess of $1,400,000 with costs and interest. The Government appealed that decision in an effort to convince the Court of Appeal to reduce the quantum of that award. The Company vigorously opposed the Government's appeal and filed its Cross-Appeal Factum seeking again the sum claimed before the Supreme Court of British Columbia.
Further information concerning the judgment pronounced by the trial court in the Company's favour is set out in the Company's news release dated June 25, 2009 and the receipt of the Government's Notice of Appeal in the Company's news release of July 30, 2009.
The Reasons for Judgment in full can be seen on the Court's web site: http://www.courts.gov.bc.ca/search_judgments.aspx#SearchTitle
Further details of the Company's expropriation claim against the Government are on the Company's web site www.adroitresources.ca.
Adroit Resources is a mineral exploration company that is currently exploring for Gold, Silver and Antimony in Central Italy and diamonds, precious and base metals in the Temagami and Bancroft areas of Ontario, Canada and oil and gas in Texas, USA. In addition, Adroit is seeking new precious and base metal projects and oil and gas prospects to add to its expanding portfolio. The Company's issued and outstanding share capital is 61,679,174 common shares.
On behalf of the Board of Directors
Graeme Rowland, Chairman and President
Note: The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Adroit Resources Inc.
(604) 688-3304
(604) 682-6038 (FAX)
info@adroitresources.ca
www.adroitresources.ca
Blackwell Investor Relations
(416) 364-3123
blackwell@tcn.net