Trading Symbol: TSX-V: IG
CALGARY, Dec. 15 /CNW/ - Infinito Gold Ltd. (the "Company") announces that on December 14, 2010 the Tribunal Contencioso Administrativo (the "Administrative Tribunal") in Costa Rica verbally released the detailed ruling in support of the summary ruling rendered on November 24, 2010 with respect to the Crucitas exploitation concessions and various environmental and other necessary approvals.
The Company was advised that an official written copy of the ruling is not yet available. However, the Company has access to a recording of the entire court session where the ruling was verbally rendered, and is currently in the process of transcribing the recording. The transcription process is expected to be concluded by December 16, 2010, at which point the Company and its legal counsel will be able to review and assess the full detailed decision.
The Company and its local subsidiary, Industrias Infinito SA ("IISA"). continue to evaluate all legal options including submitting an appeal to the relevant chamber of the Supreme Court of Costa Rica (SALA I). The Company has been advised that any appeal must be filed by no later than January 18, 2010.
The decision rendered by the Administrative Tribunal appears to be in conflict with the decision reached by the Constitutional Chamber of the Supreme Court of Costa Rica (SALA IV) in April of 2010 that confirmed the validity of IISA's exploitation concessions and various environmental and other necessary approvals.
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 Administrative Tribunal decision and the nature of any conditions contained therein, the timing and nature of an appeal initiated by the Company with the SALA I, the possibility of appeals or new litigation by parties opposed to the project, 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
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release."
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INFINITO GOLD LTD.
600, 1100 1stStreet S.E.
Calgary, Alberta T2G 1B1
Telephone: (403) 444-5191