VANCOUVER, British Columbia, Jan. 27, 2011 /CNW/ -- Canoro Resources Ltd. (the "Company") (TSXV: CNS) announces that, further to its press release dated December 21, 2010, the Company is still waiting for a judgment from the High Court of Delhi respecting the purported termination of the Amguri Production Sharing Contract (the "Amguri PSC") by the Government of India, Ministry of Petroleum and Natural Gas (the "MPNG"). The Company further announces that the MPNG has filed an additional application with the High Court of Delhi in the matter, seeking to put forth additional material before a judgment is rendered by the Court.
In such additional material, the MPNG is now seeking to justify its purported termination of the Amguri PSC by alleging operational deficiencies regarding the Amguri PSC, based on its own internal report. In its new materials, the MPNG has failed to disclose the Company's previous detailed response to the technical issues raised in the government's report.
Michael Smith, a director of the Company, commented: "We believe the latest allegations are unfounded and will vigorously defend the same."
The Company will provide a further update upon receiving a decision from the High Court.
For further information, please contact:
or visit the Company's website at www.canoro.com
SOURCE Canoro Resources Ltd.
For further information: Rene Randall, +1-604-408-8538, firstname.lastname@example.org, for Canoro Resources Ltd. Web Site: http://www.canoro.com