The Facts
International Corona was a junior mining company that was investigating the mineral potential of a property at Hemlo in Northern Ontario. Lac Minerals, a senior mining company, heard of Corona's activity and arranged to visit the site. Corona showed Lac's representatives detailed information about their geological findings, together with their underlying theory about its mineral potential and importance. In further discussions about development and financing options, detailed private information was disclosed. Corona was advised by Lac to aggressively pursue the Williams property. The matter of confidentiality was not raised.
Lac proceeded to stake their own claims east of Corona's property, and acquired the property on which Corona had been working, without the latter having been advised of Lac's intentions. Subsequent attempts by Corona to negotiate the transfer of Lac's interest in the property failed.
Corona formed a joint venture with Teck Corporation to develop a mine on the Corona property, and proceeded to sue Lac for the return of the property.
Read more about this topic: Lac Minerals Ltd. V. International Corona Resources Ltd.
Famous quotes containing the word facts:
“There are in me, in literary terms, two distinct characters: one who is taken with roaring, with lyricism, with soaring aloft, with all the sonorities of phrase and summits of thought; and the other who digs and scratches for truth all he can, who is as interested in the little facts as the big ones, who would like to make you feel materially the things he reproduces.”
—Gustave Flaubert (1821–1880)
““Now what I want is, Facts. Teach these boys and girls nothing but Facts. Facts alone are wanted in life. Plant nothing else, and root out everything else. You can only form the minds of reasoning animals upon Facts: nothing else will ever be of service to them.””
—Charles Dickens (1812–1870)