St Barbara hands over $700k in Westgold settlement

Melbourne-based gold company St Barbara Ltd will pay $700,000 to Perth-based Westgold Resources NL in settlement of a claim commenced seven years ago.

Westgold had claimed around $9.7 million which it alleges it lost in 1997 after buying St Barbara shares from former director Ron Woss.

In return for the payment St Barbara, which had incurred legal costs of over $1 million, will be granted what it has called certain indemnities, and a denial of all liability in the affair.

Westgold continues to pursue its claim against Mr Woss.