Noram Successfully Overcomes Attempted Overstaking by Centrestone Resources LLC
VANCOUVER, January 17, 2019 - Noram Ventures Inc. ("Noram") (TSX - Venture: NRM / Frankfurt: N7R / OTCPINK: NRVTF announced on January 11, 2019, the triumphant end to the litigation against Centrestone Resources LLC ("Centrestone"), a Nevada limited liability company which maintains its registered office at 5348 Vegas Drive, Las Vegas, Clark County, Nevada for the trespassing and the overstaking of Noram's Property in Clayton Valley.
The parties to the litigation came to a final settlement agreement on January 10, 2019 in which Noram agreed to vacate the injunction hearing based on Centrestone's complete withdrawal from the Zeus Property, the dismissal of the countersuit against Noram, a cash consideration of $50,000 USD and numerous other commitments that prohibit any future conflict or contest with respect to the interest rights on the Zeus Property.
Noram first became aware of the trespassing and unpermitted exploration activities that infringed upon the Company's Clayton Valley Project unpatented mining claims in early May. The Company's representatives communicated verbally to the parties on the mining claims that their activities were neither permitted nor permissible, however the other parties continued to enter the mining claims. On May 24, 2018 the Company delivered to Centrestone a letter of demand to cease its entry and activities on the mining claims. The Company received no response from Centrestone.
As a result, in the best interest of the Company and its Shareholders, the Company filed a Complaint (the "Complaint") in the Fifth Judicial Court of the State of Nevada in and for the County of Esmeralda on June 7, 2018 to preserve its rights in its unpatented mining claims and to prohibit Centrestone from entering on the mining claims. The Compliant included, but was not limited to the following:
- the trespassing onto the Company's Clayton Valley Claims (the "GER Claims" or the "Claims") and the purported location of unpatented lode claims over most, if not all, of the Company's claims. The claims were not located in good faith or in compliance with applicable laws;
- damages resulting from the trespass and interference with the Company's business and business opportunities; and
- wrongful and tortious slander of the Company's title to the Property and irreparable harm should this conduct not be enjoined.
The Company sought relief that the Claims are valid subsisting unpatented mining claims and that the Company is entitled to exclusive possession, occupancy and use of the Claims and the public lands appropriated by Noram, as well as to any valuable minerals and mineral deposits contained in, on or under the Claims, subject to the paramount title of the United States. Furthermore, the Company sought relief that the Centrestone Claims are declared null and void, that Centrestone has no right, title, claim or interest in the Claims, the public lands appropriated by them or any valuable minerals or mineral deposits contained in, on or under the Claims. Lastly, Noram sought a monetary judgement against Centrestone, including but not limited to: trespass damages, damages related to the unlawful appropriation, actual damages, punitive damages, special and statutory damages.
Subsequent to filing the Notice, the Company received a response which denied the allegations material to the Notice. Additionally, the Company was provided with a Counterclaim (the "Counterclaim") which purported that Centrestone had rightful title to the Claims and that Noram trespassed on their claims and improperly located the claims comprising the Clayton Valley property.
In an effort to expedite the legal proceedings, the Company filed a notice of motion for preliminary injunction in the State of Nevada which would require Centrestone to refrain from (a) entering onto or upon the area delineated by the exterior boundaries of the claims for the purpose of exploring for minerals, mining, excavating, extracting, removing or carrying away any earth, rock or minerals from within the vertical planes formed by the boundaries of the claims; and (b) from constructing on the claims any equipment, improvements, infrastructure, or other installations which might delay, hinder, interfere with, or otherwise obstruct the mineral exploration, development and mining operations of Noram. A hearing time and date were set by the Fifth Judicial district court of the State of Nevada in and for the County of Esmeralda on January 11, 2019 in Goldfield, Nevada.
Mr. Ireton, (President and CEO), Mr. Brown (Director) and Ms. Algie (CFO) as well as the Company's QP and landmen travelled to Nevada in preparation to attend the Preliminary Injunction hearing and present the facts of the overstaking with the intention of seeking injunctive relief, as previously detailed in the Company's news release dated October 19, 2018. The hearing was vacated upon successful settlement as detailed above.
"Noram's board, management and team on the ground worked both diligently and efficiently to resolve this blatant attempt to infringe upon our Company and the significant resource we have been dedicated to developing. We are incredibly proud of the efforts and investments of time and energy made by everyone in order to put a triumphant end to this situation" stated Mr. Ireton.
About Noram Ventures Inc.
Noram Ventures Inc. (TSX - Venture: NRM / Frankfurt: N7R / OTCPINK: NRVTF) is a Canadian based junior exploration company, with a goal of developing lithium deposits and becoming a low - cost supplier. The Company's primary business focus since formation has been the exploration of mineral projects. Noram's long term strategy is to build a multi-national lithium minerals company to produce and sell lithium into the markets of Europe, North America and Asia.
Please visit our web site for further information: www.noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ "Mark R. Ireton"
President & Director
Direct: (604) 761-9994
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 or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
SOURCE: Noram Ventures Inc.