Rusoro Settles Litigation With Gold Reserve
Trading symbol (TSX-V): RML
VANCOUVER, Sept. 20, 2012 /CNW/ - Rusoro Mining Ltd. (the "Company") The Company announced today that it has settled all legal proceedings involving Gold Reserve Inc. ("Gold Reserve"). Under the settlement, an order will be obtained from the Ontario Superior Court of Justice dismissing the legal action brought by Gold Reserve against Rusoro, and the counterclaim brought by Rusoro against Gold Reserve. Rusoro has agreed to pay Gold Reserve $250,000, issue Gold Reserve 2,500,000 common shares at a deemed value of $0.10 per share and issue Gold Reserve a conditional promissory note in the amount of $1,000,000. The promissory note will only become due and payable in the event that Rusoro is successful in the litigation it has commenced against the Venezuelan Government seeking compensation for the nationalization of Rusoro's gold assets in Venezuela. The issuance of the common shares is subject to acceptance for filing by the TSXV.
ON BEHALF OF THE BOARD
Andre Agapov, President & CEO
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.For further information: