|By Marketwired .||
|January 29, 2013 03:01 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/29/13 -- Zone Resources Inc. (TSX VENTURE:ZNR)(FRANKFURT:7ZR) (the "Company') reports that the Superior Court (Civil Division) of the Province of Quebec, District of Montreal has denied a motion filed by Zone to move the jurisdiction of legal proceedings from Quebec to a British Columbia courtroom. The basis of the hearing was solely to decide on a jurisdiction to hear the case and did not address details pertaining to the merits of the case.
Zone previously reported on September 25, 2012 that it had been served with, and named as one of the defendants in, a Motion to Institute Proceedings (the "Motion") in the Superior Court (Civil Division) of the Province of Quebec, District of Montreal regarding a dispute concerning its interest in its Labrador Trough iron properties. In the Motion, the plaintiff, Nord Mines Inc. ("Nord") alleges that the Company does not have any legal basis or right to be listed as the registered or recorded owner of the claims. Nord also alleges that the Company has engaged in conspiracy, conversion and unjust enrichment. The Motion seeks an order that Nord is the registered and owner of the claims, rectification to remove the Company as the registered owner of the mining claims and list Nord as the registered and recorded owner and damages of $3,000,000.
The claims being disputed are all fully registered in the name of the Company with the Ministere des Ressources naturelles et de la Faune. The Company has also re-confirmed with the vendor and the staker of the claims that the agreements pertaining to the claims in question remain in full force and effect. Furthermore, the Company confirms that the recording fees for a number of the claims under dispute were paid for by the Company. The Company considers Nord's allegations against the Company in the Motion to be without merit and the Company intends to vigorously defend its position. The Motion to Institute Proceedings number is S.C.M.: 500-17-073817-127.
About Zone Resources Inc.
Zone Resources Inc. is a Canadian Iron ore exploration and development company with 4 major projects situated in the Labrador Trough of Quebec, Canada.
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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