NEMI Announces Dispute Settlement with Peace River Coal Partnership
Vancouver, BC, Canada – September 28, 2009 – NEMI Northern Energy & Mining Inc. (the "Company" or "NEMI" / TSX: NNE.A) NEMI Northern Energy & Mining Inc. ("NEMI") is pleased to announce that it has settled its disputes with Anglo Coal Canada Inc. ("Anglo"), Hillsborough Resources Limited ("HLB") and Peace River Coal Inc. about its 2007 carried interest in the Peace River Coal Partnership (the "Partnership") and interest on its share of the Partnership's November 18, 2008 rectifying distribution, originally discussed in its Management's Discussion & Analysis for the quarter ended March 31, 2009.
The parties have agreed that the Partnership will pay NEMI a total of $1,125,396 and that the parties will release each other from any claims in respect of the Programs and Budgets for any year up to and including December 2008. In addition, Anglo will waive their right as the Limited Partner having the largest limited partnership interest under the parties' Limited Partnership Agreement to require NEMI's limited partnership interest to be converted into a net proceeds royalty interest if it is reduced to 10%, but only for so long as such interest is greater than 8%. The resolution of these matters was without admission of liability or wrongdoing on the part of any of the partners of PRC and reflected their collective desire to strengthen their relationship and move forward with the business of PRC.
All statements, trend analysis and other information contained in this press release relative to markets or about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
For more information, please contact:
NEMI Northern Energy & Mining Inc.
(T) 604 684-1554
(T) 415 339-8825
(F) 604 684-1556