Shahuindo dispute finished (October 16, 2006)

Sulliden Exploration (sue-t, exsdf-o) has assumed title to the Shahuindo mining concessions in Peru following a lengthy arbritration and court battle.

The company’s Peruvian subsidiary has been registered as the owner of the 26 concessions after a decision from an arbitration tribunal in July and a court order enforcing the decision in August. The registration clears title to the mineral properties.

Sulliden and Minera Algamarca, which originally dealt the property to Sulliden, took a dispute over the property transaction to arbitration in 2003. Algamarca first tried to reverse the sale, then obtained an injunction to halt the arbitration process. The courts forced the parties back to the arbitration tribunal, which ruled in Sulliden’s favour in July.

Shahuindo is about 70 km south of the Yanacocha gold deposit. A resource estimate puts indicated resources at 38 million tonnes averaging 0.95 gram gold and 23 grams silver per tonne. There is an inferred resource of 17 million tonnes of 0.62 gram gold and 20 grams silver per tonne.