Chameleon Mining shares have fallen 28 per cent in trading today after the junior miner and Mid West iron ore developer Murchison Metals each claimed partial victory in a Federal Court ruling.
Chameleon Mining is hoping to emerge from receivership, expressing confidence it can settle its debts with Singapore-based International Litigation Partners following a Supreme Court ruling.
Just one day after Tony Sage's Cape Lambert Resources took a significant stake in Chameleon Mining, the company has suspended trading of its shares because of the 'purported' appointment of a receiver.
Tony Sage's Cape Lambert Resources has taken a significant stake in Chameleon Mining, which is in the midst of a legal battle with Murchison Metals over iron ore tenements in the Mid West.
The former managing director of Chameleon Mining, Gregory Barnes, has today been sentenced to nine months jail for permitting false and misleading information to the Australian Securities Exchange.
The second legal showdown between Murchison Metals and Chameleon Mining is due to start tomorrow over key Mid West iron ore tenements valued at up to $1.5 billion.
Another legal showdown is looming between Murchison Metals and Sydney-based Chameleon Mining, which is claiming it is entitled to half of the the iron ore miner's Jack Hills tenements, valued at $1.5 billion.
Murchison Metals Limited insisted today it would not bow to any of the claims of junior explorer Chameleon Mining Ltd, which has instituted legal proceedings to try and win a share of Murchison's iron ore tenements.
Junior exploration company Chameleon Mining NL has commenced legal action against iron ore miner Murchison Metals Ltd, even though Murchison has previously dismissed Chameleon's claims as baseless.
