Bemex, Crescent Gold settle litigation

Subiaco-based exploration company Crescent Gold Ltd has avoided heading to court following a $1.9 million settlement with contractor Bemex Corporation Pty Ltd.

The settlement resolves all claims and counterclaims by Crescent and Bemex relating to disputed invoices for the Plant Refurbishment and Expansion Contract and the Processing Plant Operations and Maintenance Management Services Agreement, which was terminated by Crescent on 25 July 2007.

The terms of settlement include that the Company has agreed to pay $1.9 million, and transfer a decommissioned crushing and screening plant to Bemex.

In April, Bemex issued a summons to Crescent Gold to appear in the Supreme Court in a bid to resolve the dispute over invoices incurred when Bemex was employed to construct and refurbish, as well as operate, the Laverton gold project.