Viking Mines Limited (ASX: VKA) reports that it has received a USD$3M deposit related to litigation over outstanding payments from the sale of the Akoase Gold Project in Ghana.
The dispute with BXC Company Ghana Ltd, which is currently before the Ghana High Court, has been deferred until October as the judge considers the case.
Viking states that whilst the receipt of funds is a positive step, the amount received via its subsidiary Resolute Amansie Ltd does not cover the entire amount outstanding including interest, costs and royalties.
Management comments
Viking Mines Managing Director & CEO Julian Woodcock said “It is very encouraging that our pursuit of the outstanding sum from the sale of the Akoase Gold Project takes a positive step, with USD$3M being paid by a defendant into the bank account of our subsidiary company in Ghana. Whilst it is frustrating to have judgement deferred until October, we recognise the importance of the legal process being properly followed to mitigate any future basis for appeal. The receipt of the USD$3M will not prevent us from moving forwards and pursuing the remainder of the monies owed. As stated before, I am confident that we will receive a positive judgement for this case in due course.”