Trading symbol (TSX-V): RML
VANCOUVER, March 21, 2013 /CNW/ - Rusoro Mining Ltd.
(TSXV:RML) announced today it has filed the Statement of Claim
in its 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.
Based on a March 15,
2013 valuation performed by an independent expert, Rusoro
seeks compensation for all of its losses caused by Venezuela's breaches of the BIT for the amount
of US$ 3.03 billion.
Andre Agapov,
President & CEO, stated "The filing of the Statement of Claim
represents a significant milestone in the arbitration process and
we firmly believe in our case and the pursuit of fair-value
compensation for the loss of our significant investment in
Venezuela."
ON BEHALF OF THE BOARD
"Andre Agapov"
Andre Agapov,
President & CEO
Forward-looking statements:
This release contains forward-looking
statements that state Rusoro's or its management's intentions,
hopes, beliefs, expectations or predictions for the future.
In this release, forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by management at this time, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies.
We caution that such forward-looking
statements involve known and unknown risks, uncertainties and other
risks that may cause the actual outcomes, financial results,
performance, or achievements of Rusoro to be materially different
from our estimated outcomes, future results, performance, or
achievements expressed or implied by those forward-looking
statements.
Numerous factors could cause actual results
to differ materially from those in the forward-looking statements,
including without limitation: the outcome of our arbitration
before the World Bank's International Centre for Settlement of
Investment Disputes to determine compensation claimed by us
resulting from our claims against the Venezuelan government and its
agents and agencies; corruption and uncertain legal enforcement;
political and social instability; requests for improper payments;
competition with companies that are not subject to or do not follow
Canadian and U.S. laws and regulations; regulatory, political and
economic risks associated with Venezuela including changes in laws and legal
regimes; impact of currency, metal prices and metal production
volatility; our dependence upon the abilities and continued
participation of certain key employees; potential volatility of our
common shares; the prospects for exploration and development of
alternative projects by us; and risks normally incident to the
exploration, development and operation of mining
properties.
This list is not exhaustive of the factors
that may affect any of Rusoro's forward-looking statements.
Investors are cautioned not to put undue reliance on
forward-looking statements. All subsequent written and oral
forward-looking statements attributable to Rusoro or persons acting
on its behalf are expressly qualified in their entirety by this
notice. Rusoro disclaims any intent or obligation to update
publicly or otherwise revise any forward-looking statements or the
foregoing list of assumptions or factors, whether as a result of
new information, future events or otherwise, subject to its
disclosure obligations under applicable securities
laws.
In addition to being subject to a number of
assumptions, forward-looking statements in this release involve
known and unknown risks, uncertainties and other factors that may
cause actual results and developments to be materially different
from those expressed or implied by such forward-looking statements,
including those factors outlined in Rusoro's filings with the
Canadian provincial securities regulatory authorities, in
particular under the headings "Financial Instrument Risks" and
"Other Risks And Uncertainties" in Rusoro's Management Discussion
and Analysis for the period ended September
30, 2012.
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.