Trading Symbol: TSX-V: IG
CALGARY, Nov. 30, 2011 /CNW/ - Infinito Gold Ltd. (the "Company")
announces that the Administrative Law Chamber of the Supreme Court of
Costa Rica ("SALA I") has rendered its decision and rejected the
request for annulment ("Casación") of the sentence (the "TCA Ruling")
imposed by the Tribunal Contencioso Administrativo ("TCA") on November
24, 2010, in respect of the Company's gold mining permits and the Costa
Rican permitting procedures for the Crucitas gold project.
The TCA Ruling annulled the Exploitation Concession of the Company's
Crucitas gold project and invalidated, among other things, the original
approval of the environmental impact study received in December of 2005
during the Abel Pacheco presidency, the amended environmental impact
study received in February of 2008 and the Presidential Decree
declaring the project to be in the national interest received in
October of 2008.
The decision by the SALA I appears to conflict with the decision reached
by the Constitutional Chamber of the Supreme Court of Costa Rica (SALA
IV) in April of 2010 that confirmed the validity of IISA's Exploitation
Concession and approvals.
The Company is reviewing the impact of the SALA I ruling with respect to
the ruling of the SALA IV, its debt facilities and their related
covenants and the impact this may have on the future presentation of
its financial statements.
Caution Regarding Forward-Looking Information and Statements
Certain statements in this press release address future events and
conditions and, as such, involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
These factors include, among others, the timing related to the
dissemination of the complete, detailed SALA I decision and the nature
of any conditions contained therein, the timing and nature of further
legal action initiated by the Company and the possibility of appeals or
new litigation by parties opposed to the project. These statements are
made as of the date of this release but Company undertakes no
obligation to update these forward-looking information or statements if
circumstances or management's estimates or opinions should change. The
reader is cautioned not to place undue reliance on forward-looking
information or statements.
INFINITO GOLD LTD.
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy and accuracy of this release."
SOURCE Infinito Gold Ltd.
For further information:
INFINITO GOLD LTD.
216, 102 - 8th Avenue S.W.
Calgary, Alberta T2P 1B3
Telephone: (403) 444-5191