Also if you look at their latest interim financial
Post# of 9903
Posted On: 06/11/2014 11:05:52 AM
Also if you look at their latest interim financial report filed on April 29th 2014 you see the same note 9. "As of February 28 2014 the company is still in the process of protecting its interests in Cinco Minas and Gran Cabrera". Bandera still considers Cinco Minas and Gran Cabrera as their properties and they're booking them still as Exploration Assets in their latest filings.
"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 Condensed interim 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 $ 502,378(2013)$
482,882) (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 m easures being put in place.
BANDERA GOLD LTD.
Notes to the Condensed interim consolidated financial
statements 3 month period ended February 28, 2014 and 2013
(Expressed in Canadian dollars)
As at February 28, 2014
, 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
condensed interim 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 $10,485,431.
"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 Condensed interim 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 $ 502,378(2013)$
482,882) (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 m easures being put in place.
BANDERA GOLD LTD.
Notes to the Condensed interim consolidated financial
statements 3 month period ended February 28, 2014 and 2013
(Expressed in Canadian dollars)
As at February 28, 2014
, 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
condensed interim 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 $10,485,431.
(0)
(0)Southridge Enterprises Inc. (SRGE) Stock Research Links
Scroll down for more posts ▼