Trading symbol (TSX-V): RML
VANCOUVER, Oct. 11, 2018 /CNW/ - Rusoro Mining Ltd.
(the "Company" or "Rusoro") announces that it has agreed
on the terms of a settlement proposal ("Settlement Proposal") with
the Bolivarian Republic of Venezuela ("Venezuela") by which Venezuela agrees to pay Rusoro over
US$1.28 billion to acquire the
Company's mining data and for full release of the arbitral award
(the "Award") issued in favor of the Company in August 2016 by a tribunal constituted pursuant to
the Additional Facility of the International Centre for Settlement
of Investment Disputes. In addition, it is contemplated that the
parties will constitute a Mixed Commission to assess the current
status of Rusoro's Choco 10 and San Rafael - El Placer former
projects and on the basis of such assessments may by the end of
January 2019 partner to exploit those
projects. Rusoro expects to sign the formal settlement agreement
(the "Settlement Agreement") shortly after completion of the
schedules to the Settlement Agreement.
"We are very pleased that we have agreed on terms of a
settlement with Venezuela,"
commented Vladimir Agapov, Chairman
of Rusoro. "We look forward to the execution of the Settlement
Agreement and towards our continued relationship with Venezuela in assessing two of Rusoro's former
gold projects regarding a potential partnership to restart
production of the Choco 10 and San Rafael – El Placer mines."
ON BEHALF OF THE BOARD
"Gordon Keep"
Gordon Keep, Director
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 signing of the Settlement
Agreement, timing of signing the Settlement Agreement, 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.