Trading Symbol: TSX-V: IG
CALGARY, Oct. 21 /CNW/ - Infinito Gold Ltd. ("Infinito Gold" or the
"Company") announces that its subsidiary in Costa Rica, Industrias Infinito
S.A. ("IISA"), has received a Change in Land Use Permit from the regional
authorities in San Carlos Costa Rica allowing the clearing of land for the
mining and tailings area for the Crucitas gold mine. The issuance of this
Permit followed the announcement of a Presidential Decree dated October 13,
2008 which authorized the issuance of the Permit and 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.
Clearing activities commenced on Friday, October 17, 2008 and continued
up until Monday October 20, 2008. This morning IISA was served with a court
order from the Constitutional Court, or SALA IV, requiring that tree cutting
operations be suspended. This suspension was due to a challenge from an
individual in Costa Rica under provisions which entitle every citizen to apply
directly to the SALA IV for decisions on constitutional issues, in this case
the environmental protection provision in Costa Rica's constitution.
In February of this year 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 has 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 forestry. IISA will 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 forest which has already
been partially harvested in the past before it was under IISA's control.
Prior to the suspension IISA cleared the land required for the initial
Botijas pit and for the area required for the tailings dam but clearing in the
Fortuna pit area and the tailings impoundment area was not completed.
While this matter is before the SALA IV construction activity on the
project will be suspended and put under care and maintenance until the issue
is resolved. The Company will work with suppliers and contractors with the
goal of suspending activity in an orderly fashion to ensure the project can be
re-activated efficiently once the issue with the SALA IV is resolved.
IISA is seeking legal advice in Costa Rica in respect of this matter and
will consider all legal options.
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."
For further information:
For further information: INFINITO GOLD LTD., 220, 1010 - 1St S.W.,
Calgary, Alberta, T2R 1K4, Telephone: (403) 444-5191