Archangel Announces Colorado Court's Jurisdiction Decision.Business Editors DENVER--(BUSINESS WIRE)--Oct. 15, 2002 Archangel archangel, in religion archangel (ärk`ānjəl), chief angel. They are four to seven in number. Sometimes specific functions are ascribed to them. The four best known in Christian tradition are Michael, Gabriel, Raphael, and Uriel. Diamond Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AAD AAD American Academy of Dermatology. AAD American Association of Dermatology .CX)(the "Corporation") announced today that the Colorado State Court for the City and County of Denver today issued an order dismissing the Corporation's action against Lukoil and Arkhangelskgeoldobycha ("AGD AGD amebic gill disease. ") based solely on a Determination that it lacked personal jurisdiction over the Defendants. The Court rejected all of Defendants' other arguments. The Corporation believes that the Court's decision is erroneous for a number of reasons, including the Court's failure to consider the Corporation's fraud and other tort claims against Lukoil and AGD as a basis for personal jurisdiction. The Corporation is now considering its options, including a request that the Court reconsider its decision and an immediate appeal of the decision. Mr. Timothy J. Haddon, President and Chief Executive Officer, stated, "This judgement is extremely disappointing and leaves the Corporation with few options and resources to continue the battle to recover an asset which rightfully belong to the Company. Like many other foreign investors in Russia, it appears we have seen our investment effectively expropriated ex·pro·pri·ate tr.v. ex·pro·pri·at·ed, ex·pro·pri·at·ing, ex·pro·pri·ates 1. To deprive of possession: expropriated the property owners who lived in the path of the new highway. ." Mr. Haddon continued, "We will be carefully studying the court's decision and determining in due course what appropriate action to take." Archangel Diamond Corporation is an international diamond exploration company that holds the right to earn a 40% interest in all profits from the mining of diamonds from the 400 square kilometer Verkhotina Area in the Oblast oblast (ō`bläst, ŏ`–, Rus. ô`bləstyə) [Rus.,=region], administrative and territorial division in Russia, Ukraine, Belarus, and the former USSR. of Arkhangel'sk in northwestern Russia. The Corporation also currently owns a 40% interest in Almazny Bereg ("AB"), a Russian international open joint stock company involved in the exploration of the Verkhotina Area. De Beers Consolidated Mines Ltd. stated in a technical assessment study based on all exploration work completed through November 3, 1999, that the Grib Pipe has an estimated resource of approximately 98 million tonnes of kimberlite to a Depth of 500 meters, containing some 67 million carats of recoverable +1 mm diamonds at an average mining grade of 69 carats per hundred tonnes and an average life-of-mine revenue value of US$79 per carat. The Grib Pipe was discovered in the spring of 1996 as part of the joint exploration program of the Corporation and AGD. On behalf of Archangel Diamond Corporation Timothy J. Haddon, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has neither approved nor disapproved the contents of this news release. |
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