Search Bandera Gold on http://www.sedar.com and ch
Post# of 9903
Posted On: 06/11/2014 10:46:35 AM
Search Bandera Gold on http://www.sedar.com and check for the "Audited annual financial statements - English" filing on March 31st 2014. Bandera is still in pursuit of Cinco Minas and they haven't recognized an impairment charge which is $10,286,428 as of now!. And this note has been in their annual filings for 6 years now! As long as Bandera Gold is still in pursuit of Cinco Minas and Gran Cabrera, there can't be a resolution from Minera San Jorge for these mines. Here's a copy of Note 9 in the filing:
"Contingent Liability
On February 26, 2008, the Company commenced legal action in Mexico with respect to its interests
in Cinco Minas and Gran Cabrera (the “Assets”). Compensation being claimed by the Company
includes enforcement of the Option Agreement and damages arising from non-compliance by MSJ.
A court of law in Guadalajara, Mexico has awarded, as a preventative measure in favor of the
Company, encumbrances which have been filed against the applicable assets and mining
concessions with the Mexico Mining Public Registry (“MPR”). The outcome of the claims for
remedies and damages is not determinable; therefore, no amounts have been recorded in these
consolidated financial statements.
On March 7, 2008, the State Court, Commercial Division of Guadalajara, Mexico, issued preventive
measures in favor of the Company consisting of: (i) the encumbrance of assets of the defendants for
an amount of US$6,000,000; (ii) the registration of the lawsuit on the files of each of the mining
concessions subject to the Option Agreement before the MPR in Mexico City; and (iii) a prohibition
for defendants, the legal representative of MSJ, to leave the Court’s jurisdiction (the Mexican State of
Jalisco) until this case is settled, unless having appointed an attorney to act on his behalf while he is
away. In order for these preventive measures to be put in place and stay applicable, the Company
was required to place a refundable warranty bond of $484,982 (2012 - $461,729) (6,000,000
Mexican Pesos) in order to respond to any damages and injury that the defendants may suffer as a
result of the said preventive measures being put in place.
As at November 30, 2013, 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 $10,286,428.
10. Financial Instruments and Risks
(a)"
"Contingent Liability
On February 26, 2008, the Company commenced legal action in Mexico with respect to its interests
in Cinco Minas and Gran Cabrera (the “Assets”). Compensation being claimed by the Company
includes enforcement of the Option Agreement and damages arising from non-compliance by MSJ.
A court of law in Guadalajara, Mexico has awarded, as a preventative measure in favor of the
Company, encumbrances which have been filed against the applicable assets and mining
concessions with the Mexico Mining Public Registry (“MPR”). The outcome of the claims for
remedies and damages is not determinable; therefore, no amounts have been recorded in these
consolidated financial statements.
On March 7, 2008, the State Court, Commercial Division of Guadalajara, Mexico, issued preventive
measures in favor of the Company consisting of: (i) the encumbrance of assets of the defendants for
an amount of US$6,000,000; (ii) the registration of the lawsuit on the files of each of the mining
concessions subject to the Option Agreement before the MPR in Mexico City; and (iii) a prohibition
for defendants, the legal representative of MSJ, to leave the Court’s jurisdiction (the Mexican State of
Jalisco) until this case is settled, unless having appointed an attorney to act on his behalf while he is
away. In order for these preventive measures to be put in place and stay applicable, the Company
was required to place a refundable warranty bond of $484,982 (2012 - $461,729) (6,000,000
Mexican Pesos) in order to respond to any damages and injury that the defendants may suffer as a
result of the said preventive measures being put in place.
As at November 30, 2013, 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 $10,286,428.
10. Financial Instruments and Risks
(a)"
(0)
(0)