Canagold Resources Ltd. (CRCUF)

[jmat1]

This was what was posted re Polaris:


New Polaris Mine
–
British Columbia
Agreement has not been reached between PanTerra Gold (British Columbia) Limited (“PGBC”) and Vancouver - based Canarc Resource Corp (“Canarc”) with respect to PGBC’s request for a delay to the date by which PGBC must decide to proceed with Stage 2 of its Joint Venture and Earn-In Agreement (the “Agreement”) with Canarc. The request was based on the delayed approval process for the importation and processing of New Polaris arsenopyrite concentrate in the Dominican Republic and the uncertainty associated with any approval process.

Canarc has not responded positively to this request and in PGBC’s opinion has also contravened sections of the Agreement which has had the effect of delaying metallurgical test work on the New Polaris concentrate.

PGBC has notified Canarc of an event of force majeure in accordance with the terms of the Agreement, and will seek to protect its interests if the various issues, including accommodation of delays by authorities, cannot be resolved by the parties.PGBC has lodged a formal Notice of Dispute with Canarc which will result in independent Mediation followed ,if necessary by litigation on the matters disputed by PGBC.

The development of the New Polaris mine remains an objective of PGBC and a cornerstone of the Company’s aim to control the production of
at least a reasonable proportion of concentrate feed to be supplied to the Las Lagunas plant in the future.