🕐25.11.11 - 22:27 Uhr
KEEGAN SETTLES MAJORITY INTEREST OF GHANAIAN LAWSUIT
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Re: News Release - Friday, November 25, 2011
KEEGAN SETTLES MAJORITY INTEREST OF GHANAIAN LAWSUIT
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Vancouver, British Columbia, November 25, 2011: Keegan Resources Inc.
("Keegan" or the "Company) is pleased to announce that it has entered
into a written settlement agreement with two parties who together hold
a 60% interest in the outcome of the litigation commenced in 2009 in
Accra, Ghana involving the Companys Esaase Project.
These parties
acquired their interests in the Accra litigation pursuant to a
settlement agreement reached in 2010 with the principal plaintiff in
the Accra litigation, Sametro Co Ltd.
and Sam Etroo, which settlement
was entered into the Ghana High Court at Tarkwa.
Keegans partial
settlement agreement provides that the two settling parties will
receive an aggregate of $1.5 million conditional primarily upon
acceptance of the agreement by the Ghanaian Court and certain other
conditions all of which can be waived by Keegan in its sole discretion.
Shawn Wallace, Chairman of Keegan Resources, commented "We are pleased
to have reached a settlement with the majority interest stakeholders in
this litigation.
We have always stated that the litigation is
substantially without merit and the agreed settlement amount reflects
the desire on the part of the Company to minimize the costs and
distraction entailed by litigation.
The minority interest plaintiff
has expressed an intention to continue with the litigation and the
Company will now be proceeding more aggressively in the Accra
litigation to have the minority complainants case dismissed."
On Behalf of the Board of Directors,
Shawn Wallace
Executive Chairman
About Keegan Resources Inc.
Keegan is a junior gold company offering investors the opportunity to
share ownership in the rapid development and ongoing exploration of
high quality pure gold assets.
The Company is focused on its wholly
owned flagship Esaase Gold project located in Ghana, West Africa, a
highly favourable and prospective jurisdiction.
Managed by
experienced, skilled and successful technical and financial
professionals, Keegan is well financed with no debt.
Keegan is also
strongly committed to the highest standards for environmental
management, social responsibility, and health and safety for its
employees and neighbouring communities.
Keegan trades on the TSX and
the NYSE AMEX under the symbol KGN.
More information about Keegan is available at www.keeganresources.com.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed
"forward-looking statements.
Although the Company believes the
expectations expressed herein are based on reasonable assumptions, such
statements should not be in any way construed as guarantees of future
performance and actual results or developments may differ materially
from those in the forward-looking statements.
Litigation is inherently
uncertain and factors that could cause actual results to differ
materially from those in forward-looking statements include unexpected
judicial findings of fact, previously unknown facts arising, and
decisions, which depart from past legal precedent and similar events.
The Company is subject to the specific risks inherent in the mining
business as well as general economic and business conditions.
For more
information on the Company, Investors should review the Companys
annual Form 20-F filing with the United States Securities Commission
and its home jurisdiction filings that are available at www.sedar.com.
Neither TSX Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
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Copyright (c) 2011 KEEGAN RESOURCES INC.
(VEN) All rights reserved.
For more information visit our website at
http://www.keeganresources.com/ or send mailto:
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