Battle Mountain Gold says opposition has instituted action against Forest Service in U.S. District Court to halt Crown Jewel mine development.HOUSTON--(BUSINESS WIRE)--June 4, 1997--Battle Mountain Gold Co. (NYSE NYSE See: New York Stock Exchange :BMG BMG Bundesministerium für Gesundheit (Germand: Federal Ministry for Health) BMG Be My Girl BMG Blue Man Group BMG Bertelsmann Music Group BMG Be My Guest BMG Browning Machine Gun BMG Bulk Metallic Glass ) (ToSE:BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. ) Wednesday said that certain special-interest groups have instituted an action against the U.S. Forest Service (USFS USFS United States Forest Service USFS U.S. Franchise Systems, Inc. ) appealing the decision of the USFS that upheld the Record of Decision and Environmental Impact Statement for the company's Crown Jewel Crown jewel A particularly profitable or otherwise particularly valuable corporate unit or asset of a firm. Often used in risk arbitrage. The most desirable entities within a diversified corporation as measured by asset value, earning power, and business prospects; in takeover gold-mine project in Washington state, where BMG is earning a 54 percent interest. The appeal was filed in U.S. District Court and indicates that the special-interest groups will seek injunctive relief injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. restraining the Forest Service from approving or authorizing any action related to the Crown Jewel project. The company expects the USFS to contest the appeal. BMG President and Chief Executive Officer Ian D. Bayer said the appeal essentially raises the same claims previously denied by the Forest Service. The impact and duration of the appeal, or any other appeals related to the permitting process, is difficult to predict. Bayer added that efforts to obtain the required construction and development permits for the mine are continuing. Certain affirmative permit decisions have already been received, and the scheduling agreement between the company and Washington state permitting agencies provides timelines for the making of the remaining state permit decisions. -0- The U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a safe harbor for certain forward-looking statements. Operating, exploration and financial data, and other statements in this document are based on information that the company believes reasonable, but involve significant uncertainties as to future gold prices, costs, ore grades, mining and processing conditions, and regulatory and permitting matters. Actual results and timetables could vary significantly from the estimates presented. Also refer to the Cautionary Statement contained in the company's Forms 10-K and 10-Q for the most recent year and quarter, respectively. CONTACT: Battle Mountain Gold Co., Houston Les Van Dyke, 713/653-7248 |
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