Settlement of Leigh Creek Magnesite Dispute
Adelaide, Sep 12, 2014 AEST (ABN Newswire) - Archer Exploration Limited (
ASX:AXE) ("Archer") is pleased to announce that Archer and Foyson Resources Limited ("Foyson") have entered into a confidential settlement agreement to settle all disputes between them concerning the Leigh Creek Magnesite Project.
Foyson had commenced proceedings against Archer in the Supreme Court (refer to ASX announcement dated 2 July 2014) and these proceedings will now be discontinued.
The execution of the settlement agreement allows Archer to actively explore and develop its 100% owned Leigh Creek Magnesite Project and Foyson to focus its attention on its highly prospective PNG Projects.
Contact
Archer Exploration Limited
T: +61-8-8272-3288
WWW: www.archerexploration.com.au
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