Infinito Gold Ltd. Announces a Negative Arbitral Tribunal Award on Las Cristinas
Trading Symbol: TSX-V: IG
CALGARY, Jan. 16, 2013 /CNW/ - Infinito Gold Ltd. ("Infinito Gold" or the "Company") announces that the International Centre for the Settlement of Investment Disputes ("ICSID") has released on January 16, 2013 the decision of the Arbitral Tribunal considering the case brought against the Bolivarian Republic of Venezuela ("Venezuela") regarding the Las Cristinas gold project in Venezuela.
The Arbitral Tribunal decided that it had jurisdiction to determine the dispute, however, it also ruled that Venezuela did not violate the terms of the Canada-Venezuela Bilateral Investment Treaty and dismissed all of the claims brought against Venezuela including recovery of costs and lost profits relating to Infinito Gold's investment in Las Cristinas.
The Tribunal also decided that Venezuela and Infinito Gold should bear their own costs in addition to one half each of the costs of ICSID and the Arbitral Tribunal, which have been paid by the two parties in that proportion.
This concludes the arbitration process that was initiated in July of 2004.
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INFINITO GOLD LTD.
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SOURCE: Infinito Gold Ltd.For further information:
INFINITO GOLD LTD.
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Tel: (403) 444-5191