THE BOURSE WHISPERER: Atlantic Gold (ASX: ATV) has had a further Canadian courtroom victory in regard to the company’s Touquoy gold project.
A Stay Motion brought by a former landowner against a Vesting Order issued for the final remaining private property required to develop the Touquoy gold project in Canada has been dismissed by the Nova Scotia Court of Appeal.
The company said the decision allows it to now move to conclude the project’s financing and development.
The Stay Motion was brought by the former landowner of the last remaining property required for development of the mine in an effort to halt any development, pending his application to seek leave to appeal the previous judgment of the Nova Scotia Court of Appeal to the Supreme Court of Canada.
The decision follows a previously announced ruling by the Nova Scotia Court of Appeal, which had dismissed the former landowner’s appeal of an earlier decision of the Nova Scotia Supreme Court in April that had also dismissed the appeal of the Vesting Order.
The Court of Appeal concluded, among other things, that the former landowner failed to establish an arguable case for consideration by the Supreme Court of Canada.
He now has 30 calendar days to remove all personal goods and chattels from the property.
“The dismissal of the Stay Motion vindicates the Minister’s considered decision, and forcefully confirms the company’s legal right of access to this last of 63 private properties required to advance project financing and move ahead with development of the project,” Atlantic Gold said in its ASX announcement.
The Touquoy gold project is Altlantic Gold’s most advanced asset and is a near-term development project.
The company plans to develop Touquoy in conjunction with its nearby Cochrane Hill gold project into a substantial gold mining operation in Nova Scotia.