Trading symbol (TSX-V): RML
VANCOUVER, Dec. 6, 2017 /CNW/ - Rusoro Mining
Ltd. (the "Company" or "Rusoro") announces today that it
has obtained a judgment against the Republic of Venezuela in the Superior Court of Justice in
Ontario, Canada, in excess of
US$1.3 billion. The judgment, which
was issued on default as a result of Venezuela's failure to appear before the
Ontario court, arises out of
Rusoro's ongoing dispute with Venezuela over the South American nation's
seizure of its gold mining properties in the country. The
Canadian judgment, which confirmed an arbitration award issued in
Rusoro's favour in the same amount, was issued on April 25, 2017. Venezuela has not appealed or sought to vacate
the judgment, and its time to do so has expired.
Rusoro further announces that it has filed suit in the Supreme
Court of the State of New York
(New York County) seeking
recognition of the Canadian judgment. Canadian court
judgments are presumptively entitled to recognition in New York unless the Canadian judgment suffers
from certain specific defects, and Rusoro is confident that no such
defects exist and that the Canadian judgment will be recognized
promptly. Rusoro brought the New
York lawsuit in addition to an action it filed in the U.S.
District Court for the District of
Columbia, which seeks recognition of and the entry of
judgment on the original arbitration award. The D.C. action
has been fully briefed since summer, and Rusoro remains confident
that the D.C. Court will confirm the award in the near
future. A favourable ruling from either the New York or D.C. court will entitle Rusoro to
use all legal procedures – including broad discovery from both
Venezuela and third parties – that
U.S. law provides judgment creditors. Any judgment issued in
New York will also accrue interest
at 9% per annum until the judgment is fully paid.
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.