EURO Ressources: LITIGATION COMMENCED IN RESPECT OF PAUL ISNARD PROPERTY
Market Wire, September, 2008
EURO Ressources S.A. (TSX: EUR) (PARIS: EUR) today announced that litigation has commenced in Canada between EURO Ressources S.A. and Golden Star Resources Ltd. concerning the Paul Isnard property held by EURO and its subsidiary in French Guiana.
For its part, EURO has asked the Court to confirm Golden Star's repudiation of the Option Agreement on Paul Isnard, and is seeking damages from Golden Star. Golden Star has filed a countersuit in Canada, seeking transfer of the Paul Isnard properties to Golden Star. As an alternative to transfer of the Paul Isnard properties, Golden Star seeks monetary damages. EURO considers Golden Star's claim to be without merit.
As reported in earlier press releases, EURO is currently working through the process required by the MEDAD (Ministère de l'Ecologie du Développement et de l'Aménagement Durable) to enable the renewal of the Paul Isnard PER (Permis Exclusif de Recherches).
James H. Dunnett, Directeur-Général of EURO Ressources, commented: "EURO will hold discussions with MEDAD and other appropriate authorities to ensure that EURO takes the necessary action for renewal of the Paul Isnard PER. We remain open to a resolution of matters with Golden Star, but can offer no assurance that any accommodation may be reached."
About EURO
EURO is a French company, focused on owning royalties and similar interests on operating gold mines. EURO also holds certain gold mineral rights in French Guiana including Paul Isnard which comprises eight concessions and a PER over 140 sq. km. EURO has approximately 60.6 million shares outstanding.
Statements Regarding Forward-Looking Information: Some statements in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties. Such statements include comments regarding EURO's intentions with respect to mining activities in French Guiana and its dealings with Golden Star. There can be no assurance that future developments affecting the Company will be those anticipated by management.
Not for distribution to United States newswire services or for dissemination in the United States. The securities referred to herein have not been registered under the US Securities Act of 1933 and may not be offered or sold in the United States or to a US person absent registration or an applicable exemption from registration.
Additional information relating to EURO Ressources S.A. is available on SEDAR at www.sedar.com .
This information is provided by HUGIN
Further requests for information should be addressed to: James H. Dunnett Directeur-Général Tél.: +1 604 710 2242 Email: Email Contact Susanne A. Hermans Vice-President Finance Tél.: +1 303 204 7771 Email: Email Contact
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