CALGARY, June 11, 2012 /CNW/ - Canoro Resources Ltd. (the "Company") (TSXV: CNS) announces that it has discontinued its claim against Les Kondratoff. Mr. Kondratoff served as a Director of the Company from 2002 to 2009. Mr. Kondratoff sued the Company for wrongful dismissal and obtained a judgment against the Company in the amount of $381,779.29. After Mr. Kondratoff left Canoro, he was hired as a consultant by Assam Company of India Limited and was eventually retained permanently as Chief Operating Officer in September, 2010. The Company filed a claim against Mr. Kondratoff alleging various breaches of fiduciary duties to the Company and conspiracy.
Since the claim against Mr. Kondratoff was filed, the allegations against Mr. Kondratoff have proven to be completely without foundation. As a result, on June 1, 2012 the Company discontinued its claim against Mr. Kondratoff. In addition, the Company and Mr. Kondratoff have come to an agreement to satisfy his outstanding judgment against the Company and compensate him for any harm or inconvenience that the Company's allegations may have caused. The Company sincerely apologizes to Kondratoff for any harm its allegations may have caused to his personal and professional reputation both in Canada and abroad.