Skip to main content

Second favourable court ruling awarded to Comstock Mining

Published by
Global Mining Review,


Comstock Mining Inc. has announced that the First Judicial District Court of the State of Nevada, in and for Storey County, favourably granted its motion for the plaintiff to file a ‘more definite statement’.

On 12 July 2018, Precious Royalties LLC (Precious) filed a complaint against the company in the First Judicial District Court of the State of Nevada, in and for Storey County, alleging that the company failed to properly pay Precious a net smelter return royalty in accordance with a settlement agreement dated 24 September 2012, and seeking US$510 000 in damages. On 16 November 2018, the company filed a motion for a ‘More Definite Statement’ on the basis that the complaint is too vague to even allow a response. On 16 May 2019, the Court granted Comstock’s Motion, requiring Precious to revise and re-file its complaint in order to proceed with the action. The company believes the Precious claims are completely without merit and will continue to vigorously defend the litigation. Corrado De Gasperis, Executive Chairman and CEO of the company stated: “This ruling reaffirms our position that all royalties earned and paid to Precious were timely and accurate and we are gratified that vague and unsubstantiated claims were not deemed acceptable. We take the quality and thoroughness of our work and our commitments to our partners seriously. Vague and unsubstantiated claims are not acceptable to us and we are thankful that the Nevada court agreed.”

This favourable court order, along with the previous, recent, favourable rulings and all other recent events, will be updated into and included in the company’s Financial Statements to be filed on Form 10-Q with the Securities and Exchange Commission that the company now expects to file by the end of next week, if not sooner. The company’s unaudited financial statements, as of and for the three months ended 31 March 2019, have previously been submitted and are available on Form 8-K Current Report dated 15 May 2019.

Read the article online at: https://www.globalminingreview.com/finance-business/22052019/second-favourable-court-ruling-awarded-to-comstock-mining/

You might also like

OSIsoft webinar

WEBINAR: The hidden value of digital transformation in coal mining

In this webinar, OSIsoft will highlight some aspects of a successful digital transformation journey and discuss the top priorities that mining executives are looking for. They will also see how mining companies around the world benefit from real-time operational data to improve their safety results & their asset reliability and to optimise their operations. Register for free today »

 
 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

US mining news Precious metals mining news