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Montoro Files Claim Against Province of British Columbia; Seeks Damages for Expropriation of Cup Lake/Donen Deposit
Montoro Files Claim Against Province of British Columbia; Seeks Damages for Expropriation of Cup ...
About this update from Trident Resources Corp.
[{"type":"text","content":"\nMontoro Files Claim Against Province of British Columbia; Seeks Damages for Expropriation of Cup Lake/Donen Deposit\n\n\n Jul. 21, 2009 (Filing Services Canada) -- International Montoro Resources Inc. (IMT - TSX Venture), International Montoro Resources Inc. (\"IMT\"), has filed a statement of claim in the Supreme Court of British Columbia alleging that the Province of British Columbia (the \"Province of B.C.\") in imposing a uranium and thorium reserve under the Mineral Tenure Act on April 24, 2008, has prevented the Company from exploring for, developing, or producing uranium or thorium from the Cup Lake/Donen uranium property and that the Province of B.C. has expropriated the Company's interest in the property. The statement of claim seeks compensation for the property expropriated including: i. damages for loss of value of the interests taken;ii. damages for disturbance of IMT's business in relation to the expropriated claims;iii. damages for expenses incurred in relation to the Claims and thrown away as the result of the expropriation; andiv. other costs IMT has incurred and paid in excess of $1,930,000 in mineral property acquisition costs and expenditures to date on the Cup Lake/Donen project. On March 12th, 2009 the Government of the Province of B.C. issued an Order in Council prohibiting the Chief Mines Inspector from issuing work permits in respect of uranium and thorium. This is as far as the Province of B.C. needs to go in respect to banning and developing of uranium and thorium projects and matching mining and exploration regulations with the province's no- nuclear policy.IMT believes that the Province of B.C. has by issuing this Order in Council aggravated the damages to the Company by furthering the expropriation of the Cup Lake/Donen Deposit. The Cup Lake/Donen Uranium deposits were originally staked for Nissho-Iwai Canada Ltd. in 1971 and explored by Power Reactor and Nuclear Fuel Development Corporation of Japan (\"PNC\"). As reported in B.C. Government-Minfiles, work prior to 1980 consisted of a total of 5,486 meters of diamond drilling in 76 holes, logging, geological mapping and testing. Drill holes were used by PNC to estimate a historic resource reported (Assessment Report #8105) as 2.25 million tons grading 0.0373% U308 (approx. 1.68 million lbs.) The historical resource estimate cited above predates an...