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

22 oct 2017
CANBERRA, Australia, Oct. 22, 2017 /PRNewswire/ -- Seeing Machines (AIM: SEE), an industry leader in computer vision technologies which enable machines to see, understand and assist people, announces the automotive production debut of its FOVIO...

22 oct 2017
THE WOODLANDS, Texas, Oct. 22, 2017 /PRNewswire/ -- Last week was a very pivotal moment for the future of Newhomeprograms.com as a deal was inked with the David Knox Real Estate Training company. As real estate commissions around the country...

22 oct 2017
NEW YORK, Oct. 22, 2017 /PRNewswire/ -- American Securities LLC, a leading U.S. private equity firm, today announced that it has completed the sale of Royal Adhesives & Sealants ("Royal" or the "Company") to H.B. Fuller Company (NYSE: FUL) ("H.B....

22 oct 2017
SINGAPORE, October 23, 2017 /PRNewswire/ -- Appoints Salwan Finj as VP-EMEA   DigiValet, the company behind the world's first tablet-based guest room solution used by leading hotels across the world, today announced the launch of its operations in...

22 oct 2017
Philemon Rono completes the fastest marathon ever run on Canadian soil, defending his title TORONTO, Oct. 22, 2017 /CNW/ - More than 25,000 people, from a record 74 countries, took part in the 28th annual Scotiabank Toronto Waterfront Marathon...

22 oct 2017
OTTAWA, Oct. 22, 2017 /CNW/ - Canada's Minister of Natural Resources, the Honourable Jim Carr, will travel to Dubai, United Arab Emirates (UAE), and Riyadh, Saudi Arabia, from October 23 to 25, 2017, on behalf of Minister of Finance Bill Morneau to...




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