Ecometals Reports Further Progress on Legal Matters with Respect to its Manganese Stockpiles at Port Santana
December 15 2008 - 4:06PM
Marketwired
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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