October 29, 2009
ATW Gold Corp (TSX-V: ATW) (the “Company”) (“ATW”) wishes to announce that it has entered into a settlement (the "Settlement") of its lawsuit (the "Lawsuit") with Kinbauri Gold Corp. ("Kinbauri"). Kinbauri was acquired by Orvana Minerals Corp. ("Orvana") as a wholly owned subsidiary and on September 25, 2009, Kinbauri was delisted from the TSX.
The terms of the Settlement called for Orvana to pay to the Company the sum of $525,000.
The $525,000 was released to the Company yesterday.
The terms of the Settlement also called for the parties to execute documents (the "Releases") releasing each other from any further obligations. The Releases have been signed.
The Company first announced the Lawsuit on September 22, 2009. In the Lawsuit, the Company claimed that Orvana, or in the alternative Kinbauri Gold Corp. ("Kinbauri"), was obligated to pay ATW a break up fee when the Company's proposed merger with Kinbauri did not proceed.
Graham Harris, Chairman commented, "We are pleased with the terms of the settlement. The execution of mutual releases represents an end to this matter and allows both Orvana and us to move forward with our future plans. We wish Orvana well in developing Kinbauri's promising Spanish assets as we focus on our Gullewa Project in Australia."
To find out more about ATW Gold Corp. please contact investor relations at 604-662-8184 or email investor@atwgold.com. You may also visit our website at www.atwgold.com.
ATW GOLD CORP.
“Brent Butler”
Brent Butler
President & CEO
“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 statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.” |
