Empire strikes out at JV partner
PERTH (miningweekly.com) – Junior gold miner Empire Resources has terminated its joint venture agreement with Brimstone Resources over the Penny’s Find mine, in Western Australia.
Empire holds a 60% interest in the project area, with the receiver appointed to Brimstone holding the remaining 40% interest.
The Western Australian Court of Appeals in June upheld a ruling by the Supreme Court that dismissed an injunction preventing Empire from taking action against Brimstone over a failed A$1.02-million payment.
The company exercised its rights to appoint a receiver to Brimstone’s interest in the Pennys’ Find project.
Empire told shareholders on Thursday that despite the developments, the definitive feasibility study to determine the potential of an underground mine at Penny’s Find, will continue.
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