Mining and mineral exploration company Murchison Metals Ltd (ASX:MMX) says it has reached a settlement with rival Chameleon Mining NL (ASX:CHM) over proceedings brought against Murchison by former Chameleon directors.
Former directors of Chameleon David Evans and SH Koh had claimed a 5 per cent interest in the Jack Hills iron ore project and a quantity of Murchison shares in relation to a breach of contract by the then Murchison board in 2004.
Under the terms of the settlement Murchison will issue 3.5 million shares, make a payment of $350,000 and pay the plaintiff’s costs.
The matter was to be heard in the Supreme Court of New South Wales on August 10 2009.
Chameleon will now turn its focus on separate proceedings against Murchison in relation to the Jack Hills and Weld Range which have been listed for a four week hearing commencing on September 28 2009. Murchison Metals pulled itself out of the red in 2008 after posting losses the four years previous."
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