Business
Sierra Iron Ore provides update on legal action against neighbour company
Symbol:-TSXV.NAA Symbol:-OTC- SIOCF VANCOUVER , Oct. 9, 2013 /CNW/ - Sierra Ir...
About this update from Enduro Metals Corporation
[{"type":"text","content":"\n\n\nSymbol:-TSXV.NAASymbol:-OTC- SIOCF\n\nVANCOUVER, Oct. 9, 2013 /CNW/ - Sierra Iron Ore Corporation (TSXV Symbol: NAA) (OTCQX: SIOCF) (the \"Company\") is pleased to provide an update on the legal action in conjunction with\n \"Aztec Zinc de Mexico S.A. de C.V\" against a neighboring company that\n owns and operates a mine on adjacent property to the Mazomique property\n that is located south of the El Creston property.\n\n\nThe legal action taken against the neighboring company has been filed in\n Mexico and proceedings have begun. The case is advancing through the\n courts and is currently in the discovery stage. As part of the\n discovery stage, court appointed officials, including the judge\n assigned to the case and a 3rd party independent geologist, visited the Mazomique property at the end\n of September. The purpose of the visit was to survey the property and\n to investigate the Company's legal claim that our neighbor acted\n unlawfully by crossing onto the Mazomique property. The legal action\n claims that the neighboring company illegally crossed the property\n lines and had been operating and extracting iron ore from the Mazomique\n property for resale into the market.\n\n\nThe legal action initiated by Sierra Iron Ore is intended to financially\n collect from the defendant the value of the iron ore that was illegally\n removed from the Mazomique property. Additionally, the legal action is\n also seeking criminal charges against the principals of the neighboring\n company and any other parties responsible for this alleged criminal\n act. The presentation of evidence is expected within the next 30 days.\n\n\nOn June 18, 2012, the company announced that it has entered into an\n agreement (the \"Mazomique Agreement\") with Aztec Zinc de Mexico S.A. de\n C.V. (the \"Owner\"), an arm's-length party, to acquire up to an 80%\n interest in a highly prospective iron ore property (the \"Mazomique\n Property\") comprising of one concession covering an area of 3,055.27 ha\n near the northeast boundary of Sinaloa and Chihuahua states.\n\n\n\"We continue to vigorously pursue a legal and financial remedy and will\n aggressively defend and protect the company's assets,\" stated Wally\n Boguski, President and CEO. \"We look forward to advancing our case\n through the court system so that we can get closer to a verdict which\n we ...