VANCOUVER, British Columbia, July 06, 2020 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) reports that the decision in the Queensland Supreme Court, Court of Appeal, heard on 24 October 2019, with regards to the appeal by Mr Charles Chan, Mr Victor Chan and Mr Edward Kwok against Macarthur Minerals and Other Respondents (“FSDC Directors’ Claim”), was handed down on Tuesday, 30 June 2020.
The Court of Appeal dismissed the appeal with costs.
The FSDC Directors’ Claim was initiated in January 2016 and with the original proceeding having previously been dismissed by the primary judge.
The Company has provided periodic updates on the progress of the litigation in previous documents filed on TSX-V and ASX, including in its annual reports and regular Management’s Discussion and Analysis.
The decision to dismiss the appeal was a unanimous decision of the Court of Appeal. Macarthur is satisfied with the Court’s decision and considers it a favourable outcome for the Company.
On behalf of the Board of Directors, Mr Cameron McCall, Executive Chairman
Company profile
Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Moonshine magnetite resource of 710 million tonnes (Inferred). Macarthur has prominent (~721 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.
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