Le Lézard
Classified in: Mining industry, Business
Subjects: LAW, FOR

Rusoro Provides Update on Status of International Arbitration



Trading symbol (TSX-V): RML

VANCOUVER, June 25, 2015 /CNW/ - Rusoro Mining Ltd. (the "Company" or "Rusoro") (TSXV: RML) announced today that the parties have completed their oral and written submissions in Rusoro's arbitration against the Bolivarian Republic of Venezuela before the World Bank's International Centre for Settlement of Investment Disputes ("ICSID"), in accordance with the provisions of the Canada-Venezuela Bilateral Investment Treaty ("BIT").

Rusoro's claims allege violations by Venezuela of several guarantees of the Canada-Venezuela BIT, including by expropriating its investments in Venezuela without adequate compensation, by failing to accord to its investments fair and equitable treatment and full protection and security, and by failing to guarantee Rusoro the unrestricted transfer of its investments and returns in Venezuela.

Rusoro seeks compensation for all of its losses caused by Venezuela's breaches of the BIT based on a valuation performed by an independent expert. Rusoro now awaits the issuance of a final award by the arbitral tribunal.

Andre Agapov, President & CEO, stated "We are pleased to have reached this important milestone in our dispute with Venezuela. We are confident that the final award will order payment of fair-value compensation for the taking of our significant investment in Venezuela".

ON BEHALF OF THE BOARD

"Andre Agapov"

Andre Agapov, President & CEO

Forward-looking statements:

This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

SOURCE Rusoro Mining Ltd.


These press releases may also interest you

at 16:36
Bunibonibee Cree Nation ("BCN") objects to Alto Ventures Ltd.'s ("Alto") attempts to start an exploration program in BCN traditional territory at Oxford Lake Manitoba, near the reserve and amidst burial sites and on other sacred and culturally...

at 16:33
Mega Uranium Ltd. (MGA: TSX) ("Mega") announces today that it is proposing to complete a non-brokered private placement to sell up to 6,818,182 units (the " Units") at a price of $0.11 per Unit, for aggregate gross proceeds of up to $750,000 (the...

at 15:21
The Honourable Catherine McKenna, Minister of Environment and Climate Change and Mr. Jim Ellis, President and Chief Executive Officer of the Alberta Energy Regulator, announced today the establishment of a three-member Joint Review Panel to review...

at 14:51
In this report, Transparency Market Research offers 8-year forecast for the global metal caps and closures market between 2018 and 2026.In terms of value. Read the full report: https://www.reportlinker.com/p05484120 The global metal caps and...

at 14:45
Executive Summary The machinery manufacturing industry comprises establishments primarily engaged in manufacturing industrial and commercial machinery. These establishments assemble parts into components, sub-assemblies and complete machines. Read...

at 14:43
Executive Summary Lignite is the lowest quality coal with low carbon content of 25-35%, moisture content of 20-40%, and heating value of 4000 to 8300 BTU per pound. Lignite is typically used in pulverized coal or cyclone-fired electric production...




News published on 25 june 2015 at 08:45 and distributed by: