Expanding Gold Resources in Timmins
Developing Four Gold Projects
Message: Lexam Baca Project Update
| May 20, 2009 |
| Lexam Baca Project Update |
| TORONTO, ONTARIO--(Marketwire - May 20, 2009) - LEXAM EXPLORATIONS INC. (TSX VENTURE:LEX) wishes to update shareholders on the progress of the legal proceeding affecting its Baca Oil & Gas Project in Colorado. Today the federal District Court in Denver, Colorado conducted an evidentiary hearing and heard oral argument on a Motion for Preliminary Injunction in the case San Luis Valley Ecosystem Council v. U.S. Fish and Wildlife Service, Civil Action No. 07-CV00945-WDM-MEH, in which the plaintiff (SLVEC) requested that the court grant a preliminary injunction preventing oil and gas exploration from proceeding until a final ruling is reached in the litigation. The presiding judge indicated that he would try to rule on the Motion by July 31, 2009. Lexam has no control over the Court's calendar or the timing of its decision, which could be appealed after the District Court rules. About Lexam Lexam Explorations is a North American based energy exploration company. The company is advancing the Baca Project located in south-central Colorado, USA, which is 75% owned by Lexam and 25% by ConocoPhillips, and has an option to earn 50% interest in Golden Valley Mines' Otish Basin uranium project located in Quebec, Canada. The Company also owns 4.4 million shares of Rubicon Mineral Corp, a gold exploration company active in Red Lake, Ontario, with a market value of approximately Cdn$10.7 million. |
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