Only judges know when Lac- Corona ruling may come

Whenever the stock value of International Corona Resources or Lac Minerals fluctuates these days, rumors start to fly that a court ruling is imminent on the two companies’ legal dispute.

A decision by the Ontario Court of Appeal is expected soon regarding Lac’s appeal of a court decision awarding the largest of the three Hemlo, Ont., gold mines to Corona, but no one knows exactly when. The five judges who heard the appeal are under no time limit to hand down their decision: it could be tomorrow, it could be next year.

Regardless of what the decision is, however, there’s little doubt it will have a big impact on the market.

Associated companies whose stock value might move as a result of the decision are Teck Corp., Royex Gold Mining, Campbell Red Lake Mines and perhaps Dome Mines. Teck is a 50% joint venture partner with Corona on all Hemlo interests that either may have, Royex owns 38% of Corona, Campbell holds just over 4% of Lac and Dome owns 50.2% of Campbell.

“There’s absolutely nothing you can do in that area,” says Corona Chairman Peter Steen when asked what his best estimate is for when a court decision will be announced.

“A lot of people are going around saying they have inside information,” but it’s not likely that anyone really does, he says.

“(The judges’) integrity is so sound — it has to be.”

He says he believes the court is aware of the implications of the decision on the market and therefore would not be surprised to see a decision made after the markets close on a Friday. That’s when the trial ruling was announced by the Ontario Supreme Court in March last year.

A spokesman for Lac says no one there has heard of any date when a decision is likely to be announced.

“That’s just speculation,” the spokesman said when it was suggested increased market activity might portend an imminent decision. “No one knows any more than anyone else.”