Per the press release below, Geovic has announced progress toward resolving its accounting dispute with SNI, the minority shareholder in its Geovic Cameroon joint venture. While the dispute remains outstanding, this release indicates that progress has been made and that every attempt will likely be made to reach an amicable solution.
Geovic Mining Corp. (“Geovic” or “the Company”) (TSX:GMC – News)(OTC.BB:GVCM – News) announces that two of the legal actions initiated by Societe Nationale D’Investissement du Cameroon (“SNI”) against its majority-owned subsidiary, Geovic Cameroon Plc (“GeoCam”), were not acted upon by the Court of First Instance of Yaounde-Centre Administratif.
In summary, the Court declined to rule on two of the actions because it deemed itself to not be a competent authority to make such rulings. Consequently, SNI was not granted the emergency relief it sought, and therefore (a) Deloitte & Touche Afrique Centrale Sarl (“Deloitte”) was not removed as GeoCam’s statutory auditor, and (b) GeoCam’s Annual Shareholder Assembly (ASA) set for June 26th, 2009 was not cancelled.