THE BOURSE WHISPERER: Atlantic Gold (ASX: ATV) is celebrating the dismissal of a second appeal brought by a former landowner against the vesting order issued for the final remaining private property required to develop the Touquoy gold project in Nova Scotia, Canada.
The dismissal of the second appeal means the company is now able to move to conclude the project’s financing and development.
The appeal by the former landowner was lodged against the vesting order issued by the Nova Scotia Minister of Natural Resources in relation to the one remaining 3.5 hectare private property required to develop the Touquoy project.
Atlantic Gold said the dismissal of the second appeal confirms the company’s legal right of access to the last of 63 private properties required to move ahead with the development of the Touquoy project in to a gold mining operation.
“The former landholder had already previously unsuccessfully appealed against the vesting order issued (on 18 June 2012) in relation to the one remaining private property required to develop the project,” Atlantic Gold said in its announcement to the ASX.
“The former landholder subsequently appealed to the Nova Scotia Court of Appeal and this second appeal was heard on 13 September 2013 by the Nova Scotia Court of Appeal and was unanimously dismissed.
“The former landholder has no further opportunity of right of appeal, and the only possible avenue is to seek leave to appeal from the Supreme Court of Canada, which is considered extremely unlikely, as among other things it is not a matter of national importance and the former landholder’s claims have now been forcefully dismissed twice.”
The Touquoy gold project is Altlantic Gold’s most advanced asset and is a near-term development project, which it hopes to develop in conjunction with the nearby Cochrane Hill gold project.