North American Gem Inc. Responds to Lawsuit issued by Kentucky Mining Partners LLC (KMP)
2011年4月19日 - 6:56AM
Marketwired
North American Gem Inc. (NAG) (TSX VENTURE: NAG) through its
subsidiary, North American Gem US, Inc. (NAG US) has responded to a
lawsuit by Kentucky Mining Partners, LLC (KMP) issued on March 17th
2011 in the Eastern District of Kentucky, United States District
Court (Federal Court). KMP was hired by NAG US as a contingent
laborer to mine the Jamieson property in Kentucky. NAG US
representatives' closely monitored KMP's weekly performance and the
resultant coal quality. Since the Federal Court is a limited
jurisdiction court, the trial judge, Judge Van Tatenhove, has
requested a full response to whether the court even has
jurisdiction of the case. A ruling should be issued by May 1, 2011.
KMP mined approximately 2,400 tons of coal during their time as
operator on the Jamieson mine. The relationship between KMP and NAG
US was announced to the market April 8th 2010. NAG US chose to
discontinue the relationship with KMP after coal purchasers refused
the last 1,000 tons of mined coal. KMP felt that their quality of
work was standard and that they unjustly enriched NAG US and that
NAG US unfairly ended the joint venture relationship.
KMP is claiming damages between seventy five thousand dollars
and fifteen million dollars. NAG is vigorously defending this claim
from KMP. Firstly, KMP has targeted the wrong party since NAG (US)
was the entity which contracted with KMP and not the Canadian based
NAG. Secondly, the misrepresented claims are unfounded in light of
NAG US's openness and cooperative work during KMP's due diligence
period. KMP's claims of a joint venture agreement with NAG US will
be defeated by KMP's actions and KMP's request for a new
independent contractor agreement. Several counterclaims will be
filed if the suit is not summarily dismissed. The counterclaims
would be based on KMP's negligent mining operations and KMP's
tortious interference with NAG's (US) business relationships.
North American Gem Inc. (TSX VENTURE: NAG) is a Junior
Exploration Company based in Western Canada. The Company's primary
goal is to explore for Coal in North America, currently the focus
is in Kentucky, Saskatchewan, and West Virginia. In addition to
Coal exploration, the Company also has interests in Uranium,
Copper, Gold, Molybdenum and other base metals in Canada.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
Charles Desjardins, President and Director
Cautionary note:
This report contains forward looking statements. Resource
estimates, unless specifically noted, are considered speculative.
Any and all other resource or reserve estimates are historical in
nature, and should not be relied upon. The production rate and
mine-life projections have been made without support of a
feasibility study, there is no certainty the proposed operations
will be economically viable. By their nature, forward looking
statements involve risk and uncertainties because they relate to
events and depend on factors that will or may occur in the future.
Actual results may vary depending upon exploration activities,
industry production, commodity demand and pricing, currency
exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as
"reserves" unless such figures are based upon actual production or
formation tests and can be shown to be economically and legally
producible under existing economic and operating conditions.
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: North American Gem Inc. Charles Desjardins President
and Director 604-683-5445 604-687-9631 (FAX)
info@northamericangem.com www.northamericangem.com
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