NWM and BioteQ Settle Lawsuit
26 Apr, 2012, 04:10 ET
TSX Venture Exchange
TORONTO, April 26, 2012 /PRNewswire/ - NWM Mining Corporation (TSX-V: NWM), announces NWM has agreed to settle legal action relating to a copper recovery SART plant built at NWM's Mexican mine site.
Under the terms of the settlement, NWM will pay BioteQ Environmental Technologies Inc. $1.3 million in cash over two years; BioteQ will retain ownership of the treatment plant and will demobilize it from NWM's site. The initial $200,000 payment by NWM has been made. A second payment of $400,000 is due April 30, 2013. The final $700,000 is due April 30, 2014. In the event that NWM sells or transfers all, or substantially all, of its assets, the payments become due immediately and payable upon demand by BioteQ.
BioteQ and NWM have agreed to work together to facilitate demobilization of the plant.
Chris Berlet, Chief Executive Officer for NWM stated, "We believe the settlement is constructive. The agreement enables both NWM and BioteQ to avoid an expensive and time consuming legal process, and provides certainty for the shareholders of both companies."
NWM is an emerging gold producer with two currently defined ore bodies containing NI 43-101 compliant gold reserves and resources. The Company is focused on demonstrating profitable operations at the Lluvia-Jojoba gold mine and on growing reserves and resources through exploration.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes "forward-looking information", as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, the success of exploration activities, price outlooks, production expectations and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.
SOURCE NWM Mining Corporation
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