VANCOUVER, May 17 /PRNewswire/ - Guyana Frontier Mining Corp. ("Guyana Frontier") announced today that further to its news of May 5, 2011, an interim injunction was obtained on May 11, 2011 by Mariwa Mining Company Inc. ("Mariwa") on an ex parte basis against Ignatius Timmerman ("Timmerman") ordering Timmerman and his workers to remove all mining equipment from the contested area within the Sardine Hill prospecting licence (the "Property") held by Mariwa.
Mariwa, a private Guyanese corporation, is the holder of the prospecting licence comprising the Property that was granted to Mariwa by the Guyana Geology and Mines Commission ("GGMC") in 2010. Guyana Frontier has an option to acquire all of the issued and outstanding shares of Mariwa by making cash and share payments over a period of five years.
Mariwa has filed a legal action in Guyana against Timmerman challenging his right to conduct ongoing mining activities on the Property and his interest in any mining claims on the Property which were previously declared null and void by the GGMC on November 5, 1996. The action by Mariwa seeks damages of GUY$100,000,000 (US$510,200) from Timmerman and a full accounting of all gold removed from the Property by Timmerman. In addition, Timmerman is restrained from interfering with access to the Property by Mariwa, or with any exploration activities carried out by Guyana Frontier.
On March 23, 2011, Timmerman was granted an interim injunction denying Guyana Frontier access to the area of the alleged claims. On April 13, 2011, a court hearing was held in Guyana and the matter was adjourned until May 11, 2011, and then adjourned again until June 1, 2011.
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FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that Guyana Frontier expects or anticipates will or may occur in the future, including such things as the results of litigation in respect of the Sardine Hill property, future exploration activities on the Sardine Hill property, future business strategy, competitive strengths, goals, expansion, growth of Guyana Frontier's businesses, operations, plans and with respect to exploration results generally, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of litigation proceedings, drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, and that no unusual geological or technical problems occur. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, negotiations with parties to litigation matters, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Guyana Frontier has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Guyana Frontier Mining Corp.