The Supreme Court of British Columbia awarded judgment in favor of Cusac Industries (TSE) in an amount totalling $2.6 million as a result of a contractual dispute with Total Erickson, now known as Total Energold (TSE). The judgment represents the proceeds of gold produced from the first 12,000 tons of production from the Table Mountain gold mine which the judge ruled belong to Cusac.
Cusac retains a 30% net profits interest in this property which in recent years has supplied the bulk of the feed for the 300-ton-per-day Erickson mine near Cassiar, B.C. Operations at the mine were recently suspended by Total Energold pending the results of an exploration program to outline additional reserves.
Although Total Energold has indicated it will file an appeal, Cusac president Guilford Brett, said he is confident the judgment will be upheld in Cusac’s favor. “It’s a big win for us,” he said.
Cusac also has a 50% interest in the Cruse/Belmont project in Montana, a small underground operation now in limited production. Brett said that if the appeal ruling was in its favor, Cusac would apply the funds towards the advancement of its key projects.
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