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Glencairn Gold Corporation

Washington, DC: (Sp-04-07) The State of Maine and Province of Ontario brought a lawsuit against Glencairn Gold Corporation, regarding remediation of the company's Blue Hill site in Maine. In a settlement reached, Glencairn will pay $1,000,000 by October 31, 2007 and will be entitled to benefit from the settlement previously reached between Kerramerican, Inc. Kerramerican operated the former zinc mine in the 1970's and reached an agreement with the State of Maine, pursuant to which approximately $12,000,000 was paid into a single purpose entity established to carry out remediation on the site. Glencairn was joined in a complaint filed by the State of Maine in 2004 and in turn initiated a court proceeding in Ontario for indemnification under the 1970's joint venture agreement. Glencairn expects to finance this settlement through the sale of marketable securities held by the Company. As a result of the closing of the Bellavista Mine in July 2007 and the resulting cash flow implications from the loss of revenue from the mine, Glencairn has suspended all exploration activities, reduced the number of employees, cut capital expenditure programs, extended payables where possible, and eliminated discretionary expenditures. [CNN NEWS: ZINC MINE]


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Published on Sep-5-07


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