Trading Symbol: TSX-V: IG
CALGARY, May 10 /CNW/ - Infinito Gold Ltd. (the "Company") announces that on Saturday May 8, 2010 newly elected President Laura Chinchilla signed an extension of a moratorium on gold mining ("Moratorium") that had originally been signed in late April by the then President of Costa Rica, Oscar Arias, however, the extension is not expected to impact development of the Company's Crucitas Project.
It has been reported by the local media that the Moratorium suspends the development of new open pit and underground gold mines that utilize mercury or cyanide in the extraction process. The same media reports say that development of the Crucitas project will not be impacted by this Moratorium as the project has already received environmental approval and has been granted an exploitation concession. The Company believes these reports to be accurate but will only be able to confirm it once the precise wording of the Moratorium is published in the official gazette.
Update on Injunction Proceedings
Presently, no development activity is permitted to take place at the Crucitas Project under an injunction granted by the administrative court of Costa Rica or Tribunal Contencioso Administrativo (the "Tribunal"). The Company's has applied to the Tribunal to remove the injunction but a decision to remove the injunction will likely not be made until the Tribunal has an opportunity to review the full decision of the Costa Rican Constitutional Court (or SALA IV) dismissing legal challenges to the grant of the mining permits for the Crucitas Project. As of May 10, 2010 the SALA IV has not made public its full decision. For further details, see the Company's news releases of April 18, 2010 and April 25, 2010.
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 IV decision and the nature of any conditions contained therein, the impact of the recent injunction on development at the site, 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. 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
"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., 216, 102 - 8th Avenue S.W., Calgary, Alberta, T2P 1B3, Telephone: (403) 444-5191