Trading symbol (TSX-V): RML
VANCOUVER, Oct. 17, 2012 /CNW/ - Rusoro Mining Ltd. (the "Company" or "Rusoro"). Further to the Company's news release of September 20, 2012 announcing the settlement of all legal proceedings involving Gold Reserve Inc. ("Gold Reserve"), the Company announced today that an order has been obtained from the Ontario Superior Court of Justice dismissing the legal action brought by Gold Reserve against Rusoro, and the counterclaim brought by Rusoro against Gold Reserve. Rusoro has paid Gold Reserve $250,000, issued Gold Reserve 2,500,000 common shares at a deemed value of $0.10 per share and issued Gold Reserve a conditional promissory note in the amount of $1,000,000. The promissory note will only become due and payable in the event that Rusoro is successful in the litigation it has commenced against the Venezuelan Government seeking compensation for the nationalization of Rusoro's gold assets in Venezuela (the "Venezuelan Litigation").
The Company also announced that it has entered into a trust agreement and contribution agreement whereby it has agreed to pay to a trust established for management and the board of directors cash equal to 2% of the proceeds received by the Company in the event the Company is successful in the Venezuelan Litigation.
ON BEHALF OF THE BOARD
Andre Agapov, President & CEO
This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Rusoro Mining Ltd.
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