Trading Symbol: TSXV: VVV
CALGARY, Nov. 1 /CNW/ - Vannessa Ventures Ltd. ("the Company") announces
that the arbitration process dealing with the Las Cristinas property in
Venezuela continues before The International Center for the Settlement of
Investment Disputes ("ICSID"). The Company reports that the parties have
agreed to a new chairman for the arbitral tribunal panel that will continue
the process that was suspended temporarily in May of 2007. ICSID has also now
confirmed that Dr. Robert Briner will chair the tribunal with Prof. Brigitte
Stern and Dr. Charles Brower serving as co-arbitrators.
The Company maintains that its rights to mine Las Cristinas were
expropriated in a discriminatory manner and without prompt adequate and
effective compensation by Venezuela after an investment of approximately
US$ 185 million for the exploration and development of the properties that led
to a determination of reserves in excess of 12 million ounces of gold and over
1 billion pounds of copper.
Vannessa is requesting remedies under the Bilateral Investment Treaty
between Canada and Venezuela and restitution of its contractual rights to mine
the property plus damages or monetary damages of approximately US$ 1.1
billion. Vannessa acquired the Las Cristinas properties in 2001, after
extensive negotiation with Placer Dome, which included assumption of a number
of Placer Dome's obligations. By mid July 2001 it had secured conditional
commitments for financing to continue with the development of the project and
to put the mine into production as early as 2002, despite the low gold prices
at the time.
With the confirmation of the new arbitral panel it is expected that the
process will continue promptly to a new hearing as both parties' submissions
have been filed and no additional material is required prior to the resumption
of the Jurisdictional Hearing.
While the company is confident in the validity of its position, there can
be no assurance that it will be successful in all, or part, of its claims and
any award granted will be shared with other parties according to pre-existing
VANNESSA VENTURES LTD
John Morgan, President
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: VANNESSA VENTURES LTD., 220, 1010 - 1St S.W.,
Calgary, Alberta, T2R 1K4, Telephone: (403) 444-5191