Posted On: 04/05/2016 7:28:20 AM
Post# of 9903
From the current report...
As at November 30, 2015, the Company is still in the process of protecting its interest in the Cinco Minas and Gran Cabrera mining properties in the Mexican courts.
A ruling in favour of the Company by the Federal Court will affirm the Company’s ownership interest in the mineral property and amounts will become due in order to put the concessions in good standing; however, as the amounts are not determinable, no accrual has been recorded in these consolidated financial statements. Should the ruling be in favour of the defendant, the Company would be required to recognize an impairment charge on the property for $4,815,055.
As at November 30, 2015, the Company is still in the process of protecting its interest in the Cinco Minas and Gran Cabrera mining properties in the Mexican courts.
A ruling in favour of the Company by the Federal Court will affirm the Company’s ownership interest in the mineral property and amounts will become due in order to put the concessions in good standing; however, as the amounts are not determinable, no accrual has been recorded in these consolidated financial statements. Should the ruling be in favour of the defendant, the Company would be required to recognize an impairment charge on the property for $4,815,055.
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