Business
Citadel Gold Mines Inc. receives notice re: Massey Property Option Agreement
/NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES/ TORONTO, Nov. 16 /CNW/ - CITADEL GOLD M...
About this update from Omai Gold Mines Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES/\n\n\nTORONTO, Nov. 16 /CNW/ - CITADEL GOLD MINES INC. (CGM.H: NEX Exchange).\n\n\nCitadel Gold Mines Inc. ("Citadel" or the "Company") announces that it\nhas received correspondence from Trelawney Resources Inc. (TRR-TSXV)\n("Trelawney"), alleging that Citadel is in breach of certain of its\nobligations pursuant to the terms of an option agreement between Trelawney and\nthe Company dated as of January 26, 2007 (the "Trelawney Option Agreement").\n\n\nThe Ministry of Northern Development and Mines (the "MNDM") has\ndisallowed $26,268 of the more than $150,000 in exploration expenditures\nincurred by the Company on the Massey Property, on the basis that certain of\nthe work carried out by the Company was not carried out on the portion of the\nMassey Property known as the Salter claims.\n\n\nTrelawney alleges that the disallowance by the MNDM of this portion of\nthe exploration and development expenses submitted by the Company as part of\nits work plan on the Massey Property is determinative of whether Citadel has\nvalidly incurred the requisite amount of eligible expenditures pursuant to the\nterms of the Trelawney Option Agreement.\n\n\nThe Company is in the process of reviewing the merits of this position\nwith its legal counsel, and has been in touch with Trelawney to clarify its\nposition with respect to these expenditures, and to discuss Citadel's future\nintentions with respect to the Massey Property.\n\n\nThe NEX Exchange has neither approved nor disapproved of the information\ncontained herein. The statements used in this press release may contain\nforward-looking statements, and are based on the opinions and estimates of\nmanagement, or on opinions and estimates provided to, and accepted by,\nmanagement. These opinions and estimates include those that relate to\ngeological and mining factors, commodity prices, and marketing parameters used\nby management, and speak only as of the date of this press release.\nForward-looking statements are subject to a variety of risks and uncertainties\nand other factors that could cause actual events or results to differ,\npossibly significantly. Although the Company believes that its expectations\nreflected in these forward-looking statements are reasonable, such statement...