07:55 AM EDT, 08/16/2024 (MT Newswires) -- Fancamp Exploration ( FNCJF ) Friday said it is "pleased" that the plan by KWG Resources (CACR.CN), doing business as the Canadian Chrome Company (CCC), to acquire a two-thirds stake in Fancamp-owned Magpie Mines has lapsed.

CCC was to acquire the stake in Magpie Mines, which is 96% owned by Fancamp, from Peter Smith and Fouad Kamaleddine. In an August 2023 statement, Fancamp said it was surprised at CCC's move to acquire the Magpie stake, as "Smith's and Kamaleddine's ownership of the Magpie special shares is disputed and the subject of pending litigation."

"We are pleased that, following the expiration of CCC's agreement with Peter Smith and Fouad Kamaleddine, Fancamp is able to overcome the ongoing issues with CCC related to this agreement," Fancamp CEO Rajesh Sharm said. "Fancamp is keen to pursue mutual interests and advance future constructive collaboration with CCC, which holds high quality assets in the Ring of Fire."

Magpie Mines owns a significant titanium property in Quebec, in the same jurisdiction as Rio Tinto's Lac Tio Mine. Fancamp retains a 2% net smelter return royalty on the Magpie deposit and is the largest creditor of Magpie Mines.