NELSON, BC, Sept. 5 /CNW/ - Oromonte Resources Inc. ("Oromonte" or the
"Corporation") advises that it has recently been informed that the appeal of
the 2006 decision of the Tribunal Contencioso Administrativo of Guayaquil (the
"Dispute Court"), an administrative dispute court, has been dismissed by the
Ecuador Supreme Court on the basis that the Minister of Natural Resources and
Energy did not bring the appeal on a timely basis. As a consequence, the
ruling of the dispute court may be a final order in this matter.
The dispute, commenced by Cumbaratza S.A., to which Oromonte is not a
party nor of which it was aware until being advised by Ecuadorian legal
counsel, involves approximately 30,000 hectares of the Cumbaratza mining area
located in Zamora, an area of Ecuador which also contains the Corporation's
approximately 69 hectare Nambija mining interests. As announced by Oromonte on
September 28, 2006, the Dispute Court issued a judgement (the "Order") to:
1. declare null all of the mining titles that have been granted by the
mining authorities over the Cumbaratza area, including Nambija 1
Condominio Norte and Condominio Sur;
2. grant in favour of Cumbaratza S.A. all of the mining rights in
Cumbaratza mining concession, including the rights over the Nambija 1
Condominio Norte and Condominio Sur;
3. order the property registrar of Zamora County (the "Property
Registrar") to cancel all mining titles and mining rights over the
Cumbaratza area, including all of the rights in the Nambija 1
Condominio Norte and Condominio Sur.
Oromonte is not aware of any enforcement action commenced by Cumbaratza
S.A. as a result of the appeal dismissal.
Oromonte is currently reviewing with its Ecuador legal counsel the
implications and strategic options relative to the Supreme Court decision and
Order as it was not a party to the action commenced before the Dispute Court,
which may effectively terminate its property rights. It is Oromonte's
intention to take whatever steps are necessary to protect its interests.
In addition, Oromonte has discussed the implications with the management
of Canuc Resources Corporation in reference to the agreement to transfer
Oromonte's Nambija interests to Canuc as previously announced in Oromonte's
press release August 22, 2007. It is the intention of the parties to continue
implementing the agreement as announced.
Oromonte is a mineral exploration company engaged in the acquisition,
development and exploration of mining properties in Ecuador. The Company has
acquired mining concessions through lease and outright purchase consisting of
four consolidated properties namely: Chimbuza Property, Nambija Property,
Pangui Property, and Virgen del Cisne Property. These projects are in early
stage development with environmental studies and/or exploration programs
currently being implemented to identify drilling targets. The Nambija property
interests are now being transferred to Canuc Resources Corporation subject to
TSX Venture Exchange approval.
The Company trades common shares and warrants on the TSX Venture Exchange
under the symbol ORR and common shares on the Frankfurt Stock Exchange under
the symbol OF6.
For further information you can visit the Company's website at:
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority
has approved nor disapproved the information contained herein. The News
Release includes certain "forward looking statements". All statements other
than statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of Oromonte,
are forward looking statements that involve risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from Oromonte's expectations are exploration risks detailed from
time to time in the filings made by Oromonte with securities regulations.
For further information:
For further information: Bruce Cottingham, CEO, Oromonte Resources Inc.,
Suite 206, 507 Baker Street, Nelson, British Columbia, Canada, V1L 4J2, Tel:
(250) 352-9923, Fax: (250) 352-9926