RNS15 Apr 2009 15:17
Positive Settlement of Dredge D2 Insurance Claims
15 April 2009: Titanium Resources Group ("TRG" or "the Company") is pleased to
announce that it has reached a Settlement Agreement with Zurich Insurance in
relation to the Company's insurance claims, following the capsizing of Dredge D2
in July 2008.
Zurich, the second largest of the reinsurers of the Company's insurance policy
for property damage and business interruption, has agreed to settle its portion
of the Company's claim in cash within 30 days of signature of the Settlement
Agreement.
The Company will continue to pursue its claims through the courts against the
balance of the reinsurers and will provide further updates on the resolution of
these proceedings as appropriate.
Commenting on the announcement, John Sisay Chief Executive of TRG said:
"The successful conclusion of an agreement with Zurich, one of our most
significant reinsurers, is a critical step forward for our Company. Whilst the
value of the award is subject to non-disclosure agreements, it is materially
beneficial to TRG."
ENDS