[1] Originally incorporated in Quebec in 1981 as Long Lac Minerals Ltd., the company's name was changed to LAC Minerals Ltd. the following year when it acquired Les Terrains Aurifères Malartic (Québec) Ltée, Les Mines-Est Malartic Ltée, and Willroy Mines Ltd.
The result in Lac Minerals Ltd. v. International Corona Resources Ltd. was a clear statement by the Supreme Court of Canada on the nature of fiduciary and confidential relationships that can be created in the course of business, together with appropriate remedies for restitution when such relationships are breached.
[4][5] The stock price of LAC Minerals dropped considerably on the Toronto Exchange upon the Ontario Supreme Court's ruling in March 1986.
[6] In 1990 the Friends of Santa Fe County sued LAC Minerals over a number of environmental issues based on LAC Minerals' exploratory work and initial mining in the gold fields of the Ortiz Mountains.
Under the settlement, LAC Minerals was required to clean up a plume of groundwater contaminated by nitrates and cyanide that had resulted from the heap leaching of gold ore. Also under the settlement, 1,350 acres of the mine were donated to the Santa Fe Botanical Garden for the Ortiz Mountain Educational Preserve.