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Blackham brawl may be resolved

Bryan Dixon.

Blackham Resources' Bryan Dixon has put on a brave face over the bitter boardroom brawl consuming the company, talking up Blackham's Wiluna gold projects in the face of a looming shareholder showdown aimed at dumping Joseph Gutnick from the company's board.

Mr Dixon told Kalgoorlie's Diggers & Dealers conference yesterday he could not discuss the ongoing fight between Mr Gutnick and the rest of the company's board. Mr Gutnick and Blackham both launched competing board spill notices last month, and Blackham launched legal action against Mr Gutnick over allegations the one-time WA gold king failed to make good on investment promises to Blackham.

Blackham also complained to the Takeovers Panel that Mr Gutnick and a group of other investors had failed to disclose their true position on the Blackham register, demanding Mr Gutnick and UK-listed Polo Resources be prevented from voting their shares at the September 2 shareholder meeting called to settle the showdown.

Blackham also asked the Takeovers Panel to consider stripping Mr Gutnick and Polo of their stakes. The Takeovers Panel agreed to consider the complaint, and, on Monday, issued interim orders barring Mr Gutnick's private companies and Polo from selling or transferring their Blackham shares.

Mr Dixon told reporters yesterday he could not comment on the dispute as it was before the Panel. He said he hoped the issue would be decided at next month's shareholder meeting.

Mr Dixon told Diggers delegates it was clear the company's Matilda gold project held considerable value and promised to be a long-life and profitable operation.

Sources close to the dispute suggest communication channels between the camps are open, however, and a resolution could be found before the meeting.

Blackham shares closed untraded at 19.5¢ yesterday.