Trading symbol (TSX-V): RML
VANCOUVER, BC, June 8, 2022
/CNW/ - Rusoro Mining Ltd. (the "Company" or
"Rusoro") is pleased to announce that on June 7, 2022, the Paris Court of Appeal fully rejected a second
application of the Bolivarian Republic of Venezuela ("Venezuela") to annul the arbitral
award of August 22, 2016 made in
favor of Rusoro in the amount of US$967.77
million plus interest (current amount including interest as
of June 7, 2022 is US$1.67 billion). Venezuela made the application on June 1, 2021 following the judgment of the French
Supreme Court (the Cour de Cassation) on March 31, 2021, which had reinstated the award in
full (as reported by the Company in its news release of the same
date). The Company may thus continue to vigorously pursue
recognition and enforcement of the award or otherwise obtain fair
compensation for the unlawful expropriation of its investments in
Venezuela.
Rusoro separately confirms that on November 23, 2021 the New York Supreme Court
entered judgment on the order it made for US$100 million plus interest (current amount is
US$123,363,000 as of June 7, 2022) in favor of Rusoro against
Venezuela for breach of a
Settlement Agreement dated October 5,
2018 (as reported by the Company in its News Release of
October 6, 2021) and is currently in
the process of serving the judgment on Venezuela, following which it will vigorously
pursue its payment or enforcement as partial payment for the
unlawful expropriation of its investments in Venezuela.
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.