Tronox litigation against The Estate of Fitzgerald is ongoing.
The case file was vacated due to a performance issue with Tronox's legal team.They have been released and and another legal team has been engaged by the parties. Mountain West Resources who are also involved with this case state that the proceedings are ongoing and likely Barrick Gold is also involved. MWR have a legal issue ongoing with Barrick in other jurisdictions of substantial importance relative to possibilities of the final decisions.
What I am stating here is that the fraud case is by no means dead and gone but still very much alive and well.
It has always been my contention that a settlement is necessary prior to Tronox coming out of BK.
Perhaps this is where we are now...................
see info regarding Neveda litigation and Tronox.
Mountain-West arranges $90,000 private placement
2010-10-21 16:36 PT - News Release
Mr. Brent Johnson reports
PRIVATE PLACEMENT FINANCING AND CORPORATE UPDATE
Mountain-West Resources Inc. has arranged a non-brokered private placement financing to raise an aggregate of approximately $90,000. The Company is selling a total of approximately 312,000 units at a price of
.29 per unit. Each unit is comprised of one share and one share purchase warrant with each warrant having a term of two years and exercisable during the first year at
.35 and during the second year at
.50. No finder's fee will be paid on the private placement.
Mountain-West Resources Inc. has arranged a non-brokered private placement financing to raise an aggregate of approximately $90,000. The Company is selling a total of approximately 312,000 units at a price of
.29 per unit. Each unit is comprised of one share and one share purchase warrant with each warrant having a term of two years and exercisable during the first year at
.35 and during the second year at
.50. No finder's fee will be paid on the private placement.
All securities issued under the private placement will be subject to a four month hold period.
The private placement is subject to the approval of the TSX Venture Exchange.
ACQUISITION OF OPTION AGREEMENT JUNEAU, ALASKA
The Company is pleased to announce that it has agreed to enter into a formal option agreement with AMEx Mining (Alaska Metal Extraction) of Juneau, Alaska.
Under this agreement, the Company has the right to participate in the study, design and operation of a gravity, recovery system, designed to process over 1000 cubic yards/day, so as to satisfy removal of the heavy metals, which are known to exist in and upon the subject property, so as to provide clean fill material, such that will accommodate the construction of a Harbor and related infrastructure for the benefit of the City and Borough of Juneau, Alaska.
This work is all being done under the Environmental Assessment provision of a Lease agreement by & between the City and Borough of Juneau, Alaska and the Juneau Port Development LLC, Juneau, Alaska, which was recorded on December 10, 2007, for the purpose of constructing a Harbor and related infrastructures, for the benefit of the City & Borough of Juneau, Alaska and its citizens, at no cost to the City and Borough of Juneau, Alaska. AMEx Mining has negotiated an agreement with the Juneau Port Development LLC to handle all environmental assessment activities and material reclamation, as required by the Juneau Port Development LLC Lease with the City and Borough of Juneau, Alaska.
Before the mine waste sand material can be moved and placed behind the Harbor containment wall, it must be cleaned of all of the old car parts, boat parts, rusty iron, lead bullets, lead birdshot B-B's, burnt battery plates and burnt tire weights etc., with the material being moved, in excess of 1000 cubic yards/day.
Mountain-West Resources Inc., under the effort of Brent Johnson, its President, in conjunction and through negotiation with Howard Lockwood, of Juneau, Alaska, Owner of AMEx Mining, has developed an agreement, supporting this clean-up effort, by advancing working capital money, secured by Promissory 10% Notes. It is agreed that all assay information and geological data acquired by AMEx Mining be made available to each party. This agreement between Mountain-West and AMEx Mining carries the option of Mountain-West either (a) collecting on the notes, thus terminating any further interest in the project, or, (b) Mountain-West continuing to advance all those funds required to place the property into production and then AMEx and Mountain-West entering into a Joint Venture and sharing in the net proceeds of production on a 50/50 basis and further, Mountain-West would also be re-paid from the proceeds of production, all its capital contributions to put the project into production at a rate to be agreed by AMEx and Mountain-West, failing such agreement the rate would be 20%.
In conjunction with this effort, AMEx Mining and Mountain-West have developed a gravity separation system to accommodate the above, which will also isolate and remove the incidental precious metals contained in the old AJ Mine waste tailings; gold, silver, lead and zinc, as an investment incentive to this environmental clean-up.
The City and Borough of Juneau, Alaska Lease allows for the disposal and sale of the recovery of any incidental precious metals, as provided under Alaska Statutes AS 38.05.175 thru 38.05.295.
The Joint Venture between Mountain-West Resources Inc. and AMEx Mining will be an LLC, licensed in the State of Alaska, named AMEx Environmental LLC and will specialize in the environmental clean-up and reclamation, for public use, of other old tide-water mining sights, located in Southeast Alaska, as selected. The Company just borrowed US$300,000 from a private US individual and has advanced all of those funds to AMEx Mining as partial payment under the property option agreement. The Company has agreed to pay a fee of US$700,000 to that individual in lieu of interest and other charges. The US$700,000 fee is to be paid from production from the Juneau, Alaska Project.
NEVADA, USA LITIGATION
The Company announces that on April 9, 2008 Tronox Worldwide LLC (the successor in interest to Kerr-McGee Corporation) ("Kerr-McGee") commenced legal proceedings in the Second Judicial Court of the State of Nevada, in the County of Washoe against Michael J. Fitzgerald, the former president and co-founder of our Mountain-West Resources Inc (the "Company"). Fitzgerald died on August 9, 2009. The legal proceedings are continuing against the estate of Mr. Fitzgerald. Some depositions (similar to Examinations for Discovery) have been held but no trial has been held. A trial is scheduled for mid 2011.
The Company had entered into an agreement dated April 7, 2008 with Tronox pursuant to which the Company agreed to fund all of the costs of the litigation in return for a 50% share of the "net proceeds" of any recovery from the Defendant, with net proceeds being the gross sums recovered or collected after deduction of attorney fees and other costs and expenses. Initially the Company had entered into a contingency fee arrangement with its trial lawyers but that agreement was terminated, as were the trial lawyers and the Company has engaged new trial lawyers.
The legal proceedings claim that in November 1962 H.W Ranspot and W.R. Loring, both geologists working for Atlas Corporation ("Atlas") filed some mining claims (the "Polaris Claims") on behalf of Atlas. These Polaris Claims were at the center of the mine currently known as the Goldstrike Mine currently owned by Barrick Gold Corporation (see www.barrick.com ). Mr. Ranspot was the primary person responsible for all of the gold claims in Nevada for Atlas.
Mr. Fitzgerald was employed by Kerr-McGee in Nevada during the period 1963 to 1969 where he was second in charge of exploration for the western US under Fred Groth. Fitzgerald and Groth were responsible for filing more than 60 gold claims for Kerr-McGee during the period 1963 to 1969. All of these claims were adjacent to or part of the Goldstrike claims in the Carlin Trend and they were quit-claimed to Newmont Mining in April of 1969. It is claimed that they were quit-claimed to Newmont Mining at the instance of Fitzgerald without advising Kerr- McGee of their true value, in contravention of his duty of loyalty and fiduciary responsibility to Kerr-McGee.
The Polaris Claims expired and became available for relocating in August 1966. In about 1966 Fitzgerald took control of the Polaris Claims without advising Kerr-McGee of their true value, in breach of his duty owed to Kerr-McGee.
In September 1975, Fitzgerald files 16 mining claims (the "SJ Claims") which claims overlaid the Polaris Claims.
In 1979, Fitzgerald sold the SJ Claims to Western States Minerals Corporation and reserved a royalty on all production from those claims for both himself and Harry Ranspot.
Tronox is claiming punitive damages for breach of breach of loyalty owed to Kerr-McGee, damages for fraud for failing to disclose the business opportunity involving the Polaris Claims to Kerr-McGee and fraudulently concealing a material fact and failing to disclose the true value of the mining claims which were adjacent to or part of the Goldstrike claims in the Carlin Trend, punitive damages, unjust enrichment, an accounting for all profits, gains and benefits obtained by Fitzgerald as a result of his breaches of duties and obligations, tracing and other consequential equitable orders, a declaration of constructive trust in favor of Tronox for all profits, gains and benefits obtained by Fitzgerald as a consequence of his breaches of duties and obligations and all costs and attorneys' fees incurred in the prosecution of the action as an element of special damages.
CHILE PROSPECTS
On or about February of 2010, the Company advanced funds to Jorge Lopehandia for several purposes. The main purpose was to explore the possibility of recovering part or all of the Pascua Lama gold Project currently held by Barrick Gold Corporation (see www.barrick.com ). Mr. Lopehandia is involved in legal proceedings in Santiago, Chile and claims to be the holder of the beneficial title to Mina Pascua. Mina Pascua represents approximately 85 percent or more of the Pascua Lama ore body. Please note that there is no guarantee that Mr. Lopehandia will be successful in his litigation and, accordingly, there is no guarantee that the Company will be able to acquire any interest in the Pascua Lama Project.
The secondary objective of the advances to Mr. Lopehandia has been to acquire information on properties of merit in Chile. The Company will make an announcement if or when it enters into any agreement.
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