Trading Symbol: TSX-V: IG
CALGARY, Oct. 27 /CNW/ - Infinito Gold Ltd. ("Infinito Gold" or the "Company") announces that its subsidiary in Costa Rica, Industrias Infinito S.A. ("IISA"), has received notification from the Constitutional Court, or SALA IV, that a one day hearing (the "Vista"), has been scheduled for November 12, 2009 at the Supreme Court buildings in San José, Costa Rica.
The Vista will review technical and legal aspects of the Crucitas Gold mine project and will hear brief submissions from those who challenged the legality of the approval and permitting process carried out by IISA leading to the issue of a Change in Land Use Permit (the "Permit") from regional authorities in San Carlos, Costa Rica. In addition, IISA will present arguments in support of its case, and relevant government agencies and other qualified parties will be allowed to present material as well.
IISA had received the Permit on October 17, 2008. The Permit was issued following the announcement of a Presidential Decree dated October 13, 2008 which authorized the issuance of the Permit, specifically authorized the cutting of trees required for the mine and related infrastructure, and declared that the Crucitas project was considered in the national interest.
Tree clearing activities commenced on October 17, 2008 and continued until work was suspended on the morning of October 21, 2008, due to a court order from the SALA IV. This suspension was due to a challenge from individuals in Costa Rica under provisions which entitle direct application to the SALA IV for decisions on constitutional issues, in this case the environmental protection provision in Costa Rica's constitution.
In February of 2008 IISA had received approval from the Ministry of the Environment in Costa Rica for the Environmental Impact Study dealing with all technical, social and environmental aspects associated with the current mine development plan. In this approved study IISA had presented detailed reclamation plans which included commitments to return to native forest additional lands owned by IISA around the mining area currently used for pasture and plantation logging. IISA will ultimately plant fifty trees on these lands for every one that was to be removed from the mine and tailings area. The mining and tailings area is a mixture of pasture and intervened forest which had been selectively logged before it was under IISA's control.
The Vista is in addition to a site inspection by two members of the SALA IV that was held on September 11, 2009 which included a tour of the mine site and surrounding areas to observe specific technical and environmental aspects of the project as well as to witness the extensive social and educational programs that have been implemented by IISA over the last several years in the small communities surrounding the project area.
The Vista is scheduled for one day; however, the notification contains a provision that additional time may be scheduled if required. A Vista is not a trial in the sense of the proceedings under common law but is a proceeding available to the SALA IV magistrates. The Company's Costa Rican counsel advises that the Vista is being used by the SALA IV to further review the case which has been supported by a significant amount of written material supplied by IISA over the last year to demonstrate the legality of the extensive environmental and technical approval and permitting process required by Costa Rican regulations and laws.
The Company's Costa Rican counsel have advised IISA that according to Costa Rican law, the SALA IV will make a decision within 30 days following the date of the Vista. While the Company can not predict the decision of the SALA IV, the Company has consistently maintained that all approvals and permits, including the Permit, were applied for and received in compliance with the relevant regulations and laws.
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 inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the possibility that all necessary governmental and regulatory approvals will not be received, and the availability of a qualified workforce and third party contractors necessary for the development and operation of a mine. The 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.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
SOURCE Infinito Gold Ltd.
For further information: For further information: INFINITO GOLD LTD., Suite 216, 102 - 8th Avenue S.W., Calgary, Alberta, T2P 1B3, Telephone: (403) 444-5191