Business Services Industry
American Resource reduces debt, settles arbitration on San Gregorio property
Business Wire, June 29, 1995
GREENBRAE, Calif.--(BUSINESS WIRE)--June 29, 1995--American Resource Corp. Inc. (ARC) (NASDAQ:AREE) announced that it had reached a $6 million settlement with Northgate Exploration Ltd. which reduces its debt by $3.5 million and removes the lien and royalty interest held by Northgate in ARC's San Gregorio project.
The settlement relates to a dispute between the two companies over an alleged technical default under terms of a loan agreement that was arbitrated in May 1995.
San Gregorio, which is 100% owned by ARC, is a gold property with proven and probable reserves of 5.56 million tons at an average grade of 0.09 ounces, equivalent to approximately 435,000 contained ounces of gold. Final feasibility and basic engineering have been completed on this property.
CONTACT: American Resource Corp. Inc., Greenbrae
Stephen N. Anderson, 415/461-6868
or 415/776-6499 (home office)
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