Monday, July 12, 2010

ALLIANCE RESOURCES TAKES FOUR MILE PARTNER TO COURT



Alliance Resources Ltd subsidiary Alliance Craton Explorer Pty Ltd (ACE) has begun Federal court proceedings against its joint venture partner at South Australia's Four Mile uranium project, Quasar Resources Pty Ltd

Alliance alleges that Quasar, with Heathgate Resources, from whom Alliance is also seeking damages, failed to disclose information relating to the project's prospectively.

Quasar and Heathgate are both owned by the US-based General Atomic Technologies Corporation.

In a statement to the Australian Securities Exchange, the miner said it is still committed to the Four Mile project, which it expects to rank among the Western world's top 10 producing uranium mines.

Following an independent scoping study, Alliance's board has begun an optimization study on construction of a stand-alone processing plant at the mine, the company said.


Today's ASX Announcement

PDF LINK

http://www.asx.com.au/asxpdf/20100712/pdf/31r92s1vgzsjf0.pdf

Some interesting legal wording used within Today's Federal High Court action against their Joint Venture partner

Ab Initio
Latin: from the start; from the beginning.
A proposition in law that a court's jurisdiction, a certain document which purports to affect legal rights, or an act which purports to affect legal rights, is or was nul and void from the start, from its beginning, because of some vitiating element.

Typically, documents or acts which are Ab Initio cannot be fixed and where jurisdiction, a document or an act is so declared at law to be Void Ab Initio, the parties are returned to their respective positions at the time of the Ab Initio event.


Indeed some interesting actions await !



1 comment:

  1. Definately a very interesting legal document. Very good blog on asxaustralian uranium investing blog. Stock market investing in uranium is certainly very popular amongst traders in the current climate.

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