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EML Electric Metals USA Limited

0.10
0.00 (0.00%)
05 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Electric Metals USA Limited TSXV:EML TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.10 0.095 0.105 0.1025 0.10 0.1025 55,500 21:00:04

Ecometals Reports Further Progress on Legal Matters with Respect to its Manganese Stockpiles at Port Santana

15/12/2008 10:06pm

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Ecometals Limited (TSX VENTURE: EML)(FRANKFURT: GDQ)(BERLIN: GDQ), Brazil Update - Ecometals reports further progress on legal matters with respect to its manganese stockpiles at Port Santana.

The Fifth Court of the Regional Federal Court of the 1st Region ("Fifth Court") has decided to release sixty-five thousand metric tones of manganese ore stored at the Santana Port, in the State of Amapa to be commercialized by Mandel Management Corporation and Ironman Mining Corporation.

Briefly, the case involved an incidental writ of prevention submitted by Mandel Management Corporation and Ironman Mining Corporation, as plaintiffs (File 2006.01.00.041964-AP) having as defendants Alto Tocantins Mineracao Ltda. and Tocantins Mineracao S/A, the State of Amapa and the Federal Union, such writ subordinated to a local legal procedure, Appeal # 2005.32.00.000418-9/AP, also under the scrutiny of the same court.

Appeal # 2005.32.00.000418-9/AP dealt with, among other things, the ownership of the manganese ore piles deposited in Serra do Navio and Santana Port. On October 1st, 2008 a decision was issued stating that it was an unquestioned fact that Tocantins Mineracao S/A, successor to Industria e Comercio de Minerios S/A - ICOMI, was responsible for extraction of the manganese ore and consequently the owner of the mineral, as per legislation in force.

Part of such manganese ore, representing the above mentioned sixty-five thousand metric tones of manganese ore stored at the Santana Port, in the State of Amapa, was subject to legal pledge contract with company Duferco Participations Holding Limited, entered on January 27, 2006. Later the debt guaranteed by the sixty-five thousand metric tones of manganese ore was duly paid to Duferco Participations Holding Limited by Ironman Mining Corporation that was subrogated in all rights deriving from the legal pledge contract.

The subrogation was formally accepted by Tocantins Mineracao S/A, as evidenced in the files of the writ of prevention permitting that a court order to be issued releasing sale by Mandel Management Corporation and Ironman Mining Corporation of the sixty-five thousand metric tones in stock at the private port terminal of the Municipality of Santana, State of Amapa.

About Ecometals

Ecometals Limited is a Canadian-listed mineral exploration and development company focused on mineral resources in Latin America. Ecometals also holds 44.4% of Atomaer Holdings Pty Ltd., a private Australian holding company.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Ecometals Limited Daniel Major Chief Operating Officer Email: daniel.jmajor@btopenworld.com Website: www.ecometalslimited.com

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