TORONTO, Jan. 11, 2016 /CNW/ - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM, Peru: VEM, Germany: V1RA, USA: VNARF) announces that the Superior Court of Lima, Peru (the "Court") has declared null and void in part, the arbitral decision, and specifically, the portion of the decision which had ordered the joint and several payment by the Company, Vena Perú S.A. and Azulcochamining S.A. to Empresa Minera Los Quenuales S.A. ("LQ") of US$2,342,092.51 (the "Arbitral Award"). Under the decision issued by the Court, Vena is released from the requirement to make any payment pursuant to the arbitration until a new arbitral decision is issued. In addition, the Court has required that the arbitral tribunal reconsider the Arbitral Award and issue a new decision in respect of this matter. The Court decision also provided that each party is responsible for its own costs and expenses incurred in the judicial process.
For more information regarding the dispute, the arbitration and the Company's annulment application in the Peruvian courts seeking to set aside the arbitral award, see the Company's press releases of May 26 and October 8, 2014 and February 6, July 31 and August 13, 2015.
Vena will continue to actively pursue discussions as well as the legal processes it considers appropriate to resolve this dispute and further updates will be provided.
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
SOURCE Vena Resources Inc.
For further information: on Vena Resources, please visit the Company website at www.venaresources.com, or contact Dennis Gibson, Chief Financial Officer, at 416 599 7363 or email@example.com