Business
Goldrich Mining Provides Update on Liquidation of Joint Venture and Arbitration
SPOKANE, WA / ACCESSWIRE / December 23, 2019 / Goldrich Mining Company (OTCBB:GRMC) ("Goldrich" or the "Company) provides an update regarding the liquidation
About this update from Goldrich Mining Company
[{"type":"text","content":" SPOKANE, WA / ACCESSWIRE / December 23, 2019 / Goldrich Mining Company (OTCBB:GRMC) (\"Goldrich\" or the \"Company) provides an update regarding the liquidation of Goldrich NyacAU Placer, LLC (\"GNP\") and the arbitration between Goldrich and NyacAU, LLC (\"NyacAU\"). GNP was a 50/50% joint venture between Goldrich and NyacAU, to mine the various placer deposits that occur throughout Goldrich's 23,000-acre Chandalar gold project in Alaska. NyacAU was the manager of the GNP joint venture. The arbitration panel concurrently issued a Partial Final Award, a Concurring and Dissenting Opinion on the Partial Final Award, and a Second Interim Award. Goldrich considers this to be the beginning of the end of arbitration. Although there was no prevailing party that was awarded the payment of legal costs, many disputed issues were resolved. With the issue of the documents and the liquidation of GNP, which are discussed below, Goldrich can begin to move forward with its future plans to advance both the placer production and hard rock exploration. Liquidation NyacAU filed the formal Notice of Dissolution in May 2019 and received the certificate of dissolution in July with an effective date of June 3, 2019. GNP's lease to mine the placer properties terminated upon dissolution of GNP and GNP has no further rights to mine the placer properties located on Goldrich's mining claims. The claims remain the property of Goldrich. GNP is now in the liquidation process and NyacAU, as the manager of GNP, shall act as liquidator to wind up the joint venture by May 31, 2020, or such longer period as may be agreed to in writing by the joint venture members. If NyacAU cannot or does not accomplish the liquidation by May 31, 2020 or any agreed upon extension, Goldrich shall complete the liquidation. Most of the equipment used by the joint venture has already been moved off the mine site. The joint venture parties agreed to the Panel retaining jurisdiction and oversight over the liquidation process to its conclusion. Arbitration In addition to the documents which have been issued, once the liquidation of GNP has run its course, the arbitration panel will issue a Second Partial Final Award. The arbitration panel may make additional awards in the Second Partial Final Award. A summary of the claims for which the arbitration panel made an award is as follows: Capi...