SOURCE: Ruby Creek Resources, Inc.
DAR ES SALAAM, TANZANIA and LOS ANGELES, CA--(Marketwire - Feb 14, 2013) - Handeni Gold and Ruby Creek Resources, issue this Joint Statement regarding current litigation between the Companies.
As disclosed in earlier Ruby Creek news releases of March 1, 2012 and February 8, 2013, Ruby Creek initiated legal action against Handeni Gold Inc., on February 7, 2012, in the State of New York addressing Handeni's alleged undisclosed and fraudulent re-sale of all or part of the Mkuvia properties with those alleged sales occurring between March 2010 and October 2010 (the "New York Action").
As disclosed in an earlier Handeni news release of March 7, 2012, Handeni filed a separate legal action in the Province of British Columbia against Ruby Creek on February 23, 2012, seeking relief for Ruby Creek's alleged breach of its payment obligations under these agreements and seeking an order amongst the terms that Ruby Creek make those payments and immediately remove the U.S. restrictive legend from Ruby Creek shares issued to Handeni Gold under certain purchase agreements (the "British Columbia Action").
In addition to the New York Action and the British Columbia Action, on May 21, 2012 in answering Ruby Creek's claim in New York, Handeni counter claimed against Ruby Creek on the basis of the alleged breaches set out in the British Columbia Action (the "New York Counter Claim").
Ruby Creek opposed the British Columbia Action on the grounds that the Court in British Columbia did not have jurisdiction and that a prior action, the New York Action, had been started earlier. On November 19, 2012, the Court ordered that the British Columbia Action be dismissed on the grounds that the Court in British Columbia did not have jurisdiction and further that the dismissal was without prejudice to either Company's action in New York against one another. The Order was granted by Consent of both Companies.
The Chairmen of Ruby Creek and Handeni have agreed to meet in Dar Es Salaam, Tanzania in the near future in an attempt to resolve these disputes in the best interests of the shareholders of each of the Companies. While no certainty can be provided that these discussions will result in a settlement, further updates will be provided in due course.
About Ruby Creek Resources, Inc.
Ruby Creek is developing a gold property located in Tanzania known as the Gold Plateau. Ruby's Gold Plateau Project consists of a property with a 10-year mining license and a number of adjacent properties containing similar deposit characteristics. The region hosts extensive artisanal gold mining activities. Ruby Creek has mining and processing equipment on site and is restarting the test and commissioning phase of its gold production plan. Ruby Creek intends to begin a hard rock exploration program on the properties in later 2013.
This news release may include certain "Forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act, as amended. All statements, other than statements of historical fact, included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. This notice expressly qualifies all forward-looking statements in this release. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward- looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors, which may be identified, from time to time in the Company's public announcements.
On behalf of Ruby Creek Resources, Inc.
Robert Slavik President and CEO