Staker Equities Ltd.

May 20, 2009 13:16 ET

Staker Equities Ltd. Sues EagleRidge Minerals Ltd. for $328,000; EagleRidge Minerals Ltd. Says Its Shares Are Worth "Zero"

WHITEHORSE, YUKON--(Marketwire - May 20, 2009) - Staker Equities Ltd. (Staker) and its president Ken Baird report today that they have jointly filed a $328,000 lawsuit against EagleRidge Minerals Ltd. The $328,000 lawsuit was filed against EagleRidge in the Ontario Superior Court on March 24, 2009. Staker and Mr. Baird claim that EagleRidge owes them $28,600 for unpaid contract fees and expenses, $250,000 for the value of their shares in EagleRidge, and $50,000 in damages.

EagleRidge Minerals Ltd. claims that the value of its shares "at this time is zero", in a Statement of Defense it filed on April 8, 2009 in the Ontario Superior Court.

EagleRidge is a private, Toronto based mineral exploration company. Staker is a Yukon based private mine and exploration management company, and was under contract to EagleRidge until November 13, 2008. Mr. Baird was President and CEO of EagleRidge from July 16 to November 13, 2008, when he was terminated by EagleRidge.

EagleRidge also filed a $200,000 Counterclaim against Staker and Mr. Baird on April 8, 2009, claiming that Mr. Baird was terminated for, among other things, being responsible for EagleRidge not qualifying for $100,000 in exploration grants from the Government of Newfoundland. Mr. Baird commented on the Counterclaim, stating, "No reason for my termination was provided to me on November 13 by the Company, or by the two directors who voted to dismiss me. I was unaware of any issue about government grants at that time. However, I was certainly aware that a big issue at the time was EagleRidge's bank account. I believed that EagleRidge's cash was being spent irresponsibly and improperly, and that shares in EagleRidge were being issued without being paid for. My concerns about those issues are well documented. My attempts to implement standard industry protocol and controls to protect EagleRidge assets were thwarted with my termination."

Staker and Baird filed a Defense to EagleRidge's Counterclaim on April 29, 2009. Staker's Defense states that Mr. Robert Freeman, a director and Vice-President of Exploration for EagleRidge, was contracted and was solely responsible for the proper preparation and submission of EagleRidge's exploration grant applications to the Government of Newfoundland. Staker and Baird believe that EagleRidge's Counterclaim has no merit.

Commenting on EagleRidge's Statement of Defense which states that EagleRidge's shares are worth zero, Mr. Baird stated: "When a new company like EagleRidge raises and spends all of a million dollars in its first year, and then claims its shares have become worthless in its first year, serious questions about the performance of its management need to be answered. As a major shareholder of EagleRidge, I think there is a compelling justification for shareholders to change the management. At the very least, an independent investigation and comprehensive financial audit should be conducted to determine where our money went, and why EagleRidge's shares are reportedly now worthless."

Staker Equities Ltd. has been managing mines and international exploration programs since 1981. Between 1981 and 1997 Staker opened four mines and sold two of those mines to public companies under the management of its president, Ken Baird. Mr. Baird is a Certified Management Accountant and a former receiver-manager, with over 25 years experience in the mineral resource industry.

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