Sheridan and Northern Platinum file claim

Junior Northern Platinum (VSE) and J.P. Sheridan, a director of the company, have filed a statement of claim in an Ontario court for damages amounting to $25 million.

The claim relates to an agreement under which Northern Platinum can earn an interest in the Wellgreen platinum group element property in the Yukon, from All-North Resources (VSE).

All-North maintains that the claim is spurious, and it will defend the action. It also believes the claim for damages is spurious, since the sole matter in the dispute is whether or not the Wellgreen property should remain registered in All-North’s name or in the name of a third-party trustee.

All-North has advised Northern Platinum it is willing to transfer the claims to a mutually agreed upon third party upon resolution of outstanding business matters. Included in these matters is the request that Northern Platinum provide a work report detailing the exploration and development completed on the project.

All-North has entered negotiations with Northern Platinum in an attempt to resolve the matter.