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On February 2nd, 2012, Happy Creek Minerals Ltd. (TSXV:HPY) delivered a notice of default to the vendor of its BX Property, claiming breach of the Option agreement by the vendor.
As quoted in the press release:
The Company has been notified by the vendor of the Property that due to a Tenure Amendment (TAME), the claims comprising the Property have been forfeited to the British Columbia Provincial Government, resulting in the loss of the vendor’s interest in the claims. The forfeiture was not the result of any error or omission on the part of Happy Creek as the Company had completed all required payments and exploration work on the Property in accordance with the terms of the option agreement respecting the Property, and such agreement was in good standing at the time of the forfeiture. The British Columbia Mineral Titles Office has indicated that the forfeiture was due to an oversight on the part of the vendor and has resulted in loss of the vendor’s interest in the claims. Attempts by the vendor to rectify the error and have the mineral claims reinstated have not met with success.
Click here to read the Happy Creek Minerals Ltd. (TSXV:HPY) press release
Click here to see the Happy Creek Minerals Ltd. (TSXV:HPY) profile.
