Yahoo Finance Reunion Received Statement of Claim Over Termination of Strategic Alliance
LONGUEUIL, Quebec, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Reunion Gold Corporation (TSXV: RGD) (the “Company”) reports that it has been named as a party in a Statement of Claim issued by Barrick Gold Corporation (“Barrick”) in the Ontario Superior Court of Justice on February 10, 2023 (the “Claim”).
The Claim relates to the Company’s termination of its Strategic Alliance Agreement with Barrick dated February 3, 2019, as amended (the “Alliance Agreement”). By notice of termination dated December 5, 2022 the Company terminated the Alliance Agreement effective February 3, 2023.
In 2022 the only project remaining in the Alliance was the NW Extension Project in Suriname, Barrick having previously elected to exclude all other projects from the Alliance. In October 2022, the parties agreed on a rehabilitation and demobilization plan and budget for the NW Extension Project. In terminating the Alliance Agreement, the Company offered to assign its rights in the NW Extension to Barrick.
The Company is focusing all its efforts on the continued exploration and development of its Oko West project in Guyana, which project Barrick excluded from the Alliance in January 2020. The Company has a 100% interest in the Oko West Project and Barrick has no back-in rights.
Barrick alleges, among other things, that the Alliance Agreement should continue in perpetuity and that the Company’s termination of the Alliance Agreement is invalid. Barrick is seeking relief in the form of, among other things, declarations affirming its position, orders compelling the Company to perform its obligations under the Alliance Agreement, related injunctive relief, and damages.
The Company believes that the Claim is without merit and intends to vigorously defend against it.
About Reunion Gold Corporation
Reunion Gold Corporation is a leading gold explorer in the Guiana Shield, South America. In 2021 the Company made an exciting new gold discovery at its Oko West project in Guyana, where to date it has outlined continuous gold mineralization at the Kairuni zone over 2,500 meters of strike and to a depth of 575 meters. The Company’s Common Shares are listed on the TSX Venture Exchange under the symbol ‘RGD’ and trade on the OTCQB under the symbol ‘RGDFF’. Additional information about the Company is available on SEDAR (www.sedar.com) and the Company’s website (www.reuniongold.com).
Forward Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to how the Company may respond to the Claim. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither 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.
For further information, please contact:
REUNION GOLD CORPORATION
Rick Howes, P.Eng., President and CEO, or
Doug Flegg, Business Development Advisor
Telephone: +1 450.677.2585
Email: info@reuniongold.com
Website: www.reuniongold.com
