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Cours Or & Argent
Continental Precious Minerals Inc.: Litigation Update
Published : July 30, 2013
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TORONTO, ONTARIO--(Marketwired - July 30, 2013) - Continental Precious Minerals Inc. (the "Company") (News - Market indicators) announces an update on the recent litigation brought against the Company by Edward Godin, the former president, CEO and a director of Continental. Continental has also recently issued a counterclaim against Mr. Godin in which it claims damages of approximately $3 million for numerous breaches of fiduciary duty. The alleged breaches include causing Continental to improperly reimburse him for expenses of approximately $1.7 million charged to his personal credit card.

Rana Vig, the Vice Chair of Continental said: "The new board of directors has had a review and investigation of matters carried out since they were elected December 20, 2012. This review and investigation is continuing. The Board is quite concerned by what has been uncovered and this is why the Company is proceeding to Court to have these matters determined. The Company is mindful of the cost of court proceedings but believes it must take steps to protect the Company's interests and is seeking recovery of its costs, in addition to damages claimed, in the Court proceeding."

The Company also advises that it has started a lawsuit to recover the $1.5 million that Mr. Godin and his fellow former directors caused Continental to pay to the trust account of Bennett Jones LLP ("Bennett Jones") on December 19, 2012. These payments were made immediately before Mr. Godin and his fellow former directors resigned as directors of Continental and right after they found out that they would not be re-elected.

Continental's claim against Bennett Jones is as trustee of these monies. Continental seeks relief, including the return of the $1.5 million to Continental. Bennett Jones has defended the claim and despite demand, has not repaid the $1.5 million to Continental. 

In December 2012, Mr. Godin and his fellow former directors caused Continental to pay Bennett Jones in excess of $100,000 for legal advice that Bennett Jones claims it provided to a special committee of the Board of Directors of Continental. Bennett Jones drafted the trust indenture to set up the trust and Continental understands that Bennett Jones has paid itself from the trust funds and will continue to rely upon the trust funds in defending Continental's claim to have the $1.5 million returned to it. Continental is continuing to investigate these payments and will consider what further action, if any, it will take about them.

The expedited and hybrid trial in Continental's claim against Bennett Jones was recently scheduled to be heard on January 27, 28 and 29, 2014. Mr. Vig stated: "The Company is pleased to have an expedited trial date. Continental looks forward to having the $1.5 million returned to it, which it can then use for proper corporate purposes."

Common Shares: 56,749,845



Continental Precious Minerals Inc.
Rana Vig
Vice Chairman
+1 647 476 9226 ext 6
rana@czqminerals.com

Continental Precious Minerals Inc.

EXPLORATEUR
CODE : CZQ.TO
ISIN : CA2119061026
CUSIP : 211906 10 2
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Continental Precious Min. est une société d’exploration minière de nickel et de palladium basée au Canada.

Continental Precious Min. détient divers projets d'exploration en USA, au Canada et en Suede.

Ses principaux projets en exploration sont MMS VICKEN et ABBORRVIKEN en Suede, CRATER OF DIAMONDS STATE PARK en USA et LAC ROCHER au Canada.

Continental Precious Min. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 4,3 millions CA$ (3,4 millions US$, 3,0 millions €).

La valeur de son action a atteint son plus bas niveau récent le 14 novembre 2008 à 0,23 CA$, et son plus haut niveau récent le 15 janvier 2010 à 8,82 CA$.

Continental Precious Min. possède 11 706 896 actions en circulation.

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Nominations de Continental Precious Minerals Inc.
23/07/2013Announces Resignation of Director
19/03/2013Announces the Appointment of Rana Vig to Its Board of Direct...
01/11/2012-Board Resignation
Projets de Continental Precious Minerals Inc.
31/03/2011(Lilljuthatten)Files NI 43-101 Technical Report on Lill-Juthatten Licence i...
18/03/2011(Mms Vicken)Announces Update on Metallurgical Testing of MMS Viken Sampl...
Communiqués de Presse de Continental Precious Minerals Inc.
15/10/2014Continental Precious Minerals Inc. Announces Results of Annu...
18/08/2014IIROC Trade Resumption - CZQ
18/08/2014IIROC Trading Halt - CZQ
14/05/2014Continental Precious Minerals Completes Flow-Through Financi...
14/04/2014Boxxer options DOK property in NW British Columbia
14/04/2014Continental Signs Option Agreement with Boxxer Gold Corp.
08/04/2014Continental Precious Minerals Inc. Completes Share Consolida...
30/10/2013-Litigation Update
30/07/2013Litigation Update
31/05/2013CEO and Former Director Seeks Golden Parachute Payment
17/04/2013February 28, 2013 Results
03/04/2013Releases Additional Assays From Viken
15/01/2013November 30, 2012 Results
23/10/2012on Metallurgical Testwork on Continental Precious Minerals' ...
02/08/2012Bioleaching Tests Commence on Continental Precious Minerals'...
23/05/2012Announces Dismissal of Application by Dissident Group
05/03/2012Update on Reduction of Net Profits Royalty Interest
27/02/2012Reduction of Net Profits Royalty Interest
22/02/2012Corporate Update
16/01/2012Shareholder Update
14/07/2011Granted 14 Additional Exploration Licences in Southern Swede...
24/06/2011Enters Into Land Lease at Its MMS Viken Licence in Sweden
20/04/2011Extends Compensation Options
04/03/2011Completes Resource Estimate On Lill-Juthatten Licence
23/02/2011Provides Corporate Update
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