Redaurum Files Counterclaim Against Union Pacific.TORONTO--(BUSINESS WIRE)--April 8, 1997-- Redaurum Limited (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : RRK RRK Random Rotation of Key .) Redaurum Limited ("Redaurum") (RRK-TSE) announced that it has filed a defence and counterclaim A claim by a defendant opposing the claim of the plaintiff and seeking some relief from the plaintiff for the defendant. A counterclaim contains assertions that the defendant could have made by starting a lawsuit if the plaintiff had not already begun the action. against Union Pacific Land Resources Noun 1. land resources - natural resources in the form of arable land natural resource, natural resources - resources (actual and potential) supplied by nature Corporation ("Union Pacific"). Union Pacific has instituted a lawsuit against Redaurum claiming the mineral rights to a portion of Redaurum's Kelsey Lake Diamond Mine in Colorado/Wyoming. "We have asserted a vigorous defence on multiple grounds and are seeking to nullify nul·li·fy tr.v. nul·li·fied, nul·li·fy·ing, nul·li·fies 1. To make null; invalidate. 2. To counteract the force or effectiveness of. Union Pacific's claim," said Anthony Hamilton Anthony Hamilton may refer to:
Redaurum's defence indicates that Union Pacific had been aware of Redaurum's exploration and development operations at Kelsey Lake for years and had even participated in visits to the mine site. However, until initiating the lawsuit, Union Pacific had not asserted any rights to the property and stood by silently while Redaurum expended time and money developing the property. Redaurum's defence goes on to state that Union Pacific's actions over many years have been to disclaim any interest in the property at Kelsey Lake. In 1959, following a Colorado Supreme Court The Colorado Supreme Court is the highest court in the U.S. state of Colorado. It consists of a Chief Justice and six Associate Justices. Powers and duties Appellate jurisdiction case adverse to Union Pacific's nearly identical claims in another Colorado county, Union Pacific directed the County Assessor in Larimer County to remove its purported interests in Kelsey Lake and other properties from the assessment rolls. The claims were removed from the assessment rolls and Union Pacific paid no taxes on those abandoned interests for the next 38 years. Maps displaying Union Pacific's mineral interests, which were provided by Union Pacific to third parties and which have been publicly disseminated, indicate no reference to Union Pacific's claim to the mineral rights at the property and indeed disclaim any such interest. Redaurum is an international diamond mining and exploration company which owns and operates the only commercial producing diamond property in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. at Kelsey Lake, Colorado/Wyoming, USA. Redaurum also has producing mines in South Africa and, through a joint venture, in Zimbabwe. CONTACT: Redaurum Limited Thomas Walden, 416/ 368-3553 or Redaurum Limited Anthony Hamilton, 44/171 610-6070 or Bankside Consultants Ltd., London Keith Irons, 44/171 220-7477 |
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