Trading symbol (TSX-V): RML
VANCOUVER, Jan. 30, 2019 /CNW/ - Rusoro Mining Ltd. (the
"Company" or "Rusoro") announces that, in a decision dated
29 January 2019 (the "French Court
Decision"), the Paris Court of
Appeals partially annulled the arbitral award (the "Award") issued
in favour of the Company in August
2016 by a tribunal constituted pursuant to the Canada-Venezuela bilateral investment treaty (the
"Treaty") and the rules of the Additional Facility of the
International Centre for Settlement of Investment Disputes. Whilst
the Paris Court of Appeals upheld
the tribunal's finding on the merits that Venezuela is liable for the unlawful
expropriation of Rusoro's investments, it annulled the Award's
finding on damages. The French Court Decision does not seek to
determine the damages that Venezuela must pay to Rusoro for its breach of
the Treaty.
Rusoro intends to vigorously pursue all available remedies to
reinstate the Award's finding on damages in full or otherwise
obtain fair compensation for the unlawful expropriation of its
investments in Venezuela,
including the appeal of the French Court Decision before the French
Supreme Court and (if necessary) the resubmission of the case to
arbitration to re-determine the amount of damages owed to
Rusoro.
Rusoro confirms that the French Court Decision does not impact
Venezuela's obligation to pay
Rusoro at least US$100 million as
partial payment for the expropriated investments under the
Agreement executed between them in October
2018.
ON BEHALF OF THE BOARD
"Andre Agapov"
Andre Agapov, President &
CEO
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.
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 timing and results of an appeal
with the French Supreme Court, timing and amount of settlement
payments, 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.
SOURCE Rusoro Mining Ltd.
