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Clifton Star Files for a Safeguard Order Regarding the Duparquet Option Agreements
QUÉBEC CITY, QUÉBEC--(Marketwired - Oct. 30, 2014) - On October 29th, 2014 Clifton Star (the "Company") (TSX VENTURE:CFO) (C3T.F) filed proceedings before the Quebec Superior Court asking the Court to grant a safeguard order intended to preserve its rights under the Option Agreements regarding the Beattie, Donchester and Dumico properties (the "Duparquet project") pending the outcome of the litigation outlined below.
On or about June 19th, 2014 The Company was served with proceedings, as an impleaded party, in the course of an action on grounds of oppression instituted between some of the Optionors of the Duparquet project against other Optionors of the Duparquet project based on alleged improper transfers of mining titles that would have occurred over 20 years ago.
On August 15, 2014, the Plaintiffs in these original proceedings amended their action and included the Company as Co-Defendants instead of as an impleaded. As relates to the Company, Plaintiffs ask the Court to condemn the Company jointly and solidarily with the Co-Defendants to reimburse any and all amounts unjustly withdrawn or withheld from Beattie Gold Mines Ltd. and/or Border Chemical Company Limited. The Company strongly believes that the amended proceedings against it have been instituted as a means of exercising pressure on the Co-Defendants and that there is no basis in fact or in law for this recourse against the Company.
However, these proceedings have complicated the Company's quest for new financing as the Company has had to disclose to potential investors the risk to title even if it is, in the Company's opinion, a theoretical risk.
This litigation between the Optionors has further complicated renegotiating the terms of the existing options agreements as the Optionors are in active litigation with one another and neither party wishes to in any way compromise its position in that litigation.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future exploration, financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that drill programs will not yield the expected results. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Clifton Star Resources to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance.
These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company's most recent Form 20-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.