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, President & CEO
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.
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