Trading symbol (TSX-V): RML
VANCOUVER, March 21, 2013 /CNW/ - Rusoro Mining Ltd. (TSXV:RML) announced today it has filed the Statement of Claim in its arbitration against the Bolivarian Republic of Venezuela before the World Bank's International Centre for Settlement of Investment Disputes ("ICSID"), in accordance with the provisions of the Canada-Venezuela Bilateral Investment Treaty ("BIT").
Rusoro's claims allege violations by Venezuela of several guarantees of the Canada-Venezuela BIT, including by expropriating its investments in Venezuela without adequate compensation, by failing to accord to its investments fair and equitable treatment and full protection and security; and by failing to guarantee Rusoro the unrestricted transfer of its investments and returns in Venezuela.
Based on a March 15, 2013 valuation performed by an independent expert, Rusoro seeks compensation for all of its losses caused by Venezuela's breaches of the BIT for the amount of US$ 3.03 billion.
Andre Agapov, President & CEO, stated "The filing of the Statement of Claim represents a significant milestone in the arbitration process and we firmly believe in our case and the pursuit of fair-value compensation for the loss of our significant investment in Venezuela."
ON BEHALF OF THE BOARD
Andre Agapov, President & CEO
This release contains forward-looking statements that state Rusoro's or its management's intentions, hopes, beliefs, expectations or predictions for the future. In this release, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies.
We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual outcomes, financial results, performance, or achievements of Rusoro to be materially different from our estimated outcomes, future results, performance, or achievements expressed or implied by those forward-looking statements.
Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation: the outcome of our arbitration before the World Bank's International Centre for Settlement of Investment Disputes to determine compensation claimed by us resulting from our claims against the Venezuelan government and its agents and agencies; corruption and uncertain legal enforcement; political and social instability; requests for improper payments; competition with companies that are not subject to or do not follow Canadian and U.S. laws and regulations; regulatory, political and economic risks associated with Venezuela including changes in laws and legal regimes; impact of currency, metal prices and metal production volatility; our dependence upon the abilities and continued participation of certain key employees; potential volatility of our common shares; the prospects for exploration and development of alternative projects by us; and risks normally incident to the exploration, development and operation of mining properties.
This list is not exhaustive of the factors that may affect any of Rusoro's forward-looking statements. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Rusoro or persons acting on its behalf are expressly qualified in their entirety by this notice. Rusoro disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable securities laws.
In addition to being subject to a number of assumptions, forward-looking statements in this release involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to be materially different from those expressed or implied by such forward-looking statements, including those factors outlined in Rusoro's filings with the Canadian provincial securities regulatory authorities, in particular under the headings "Financial Instrument Risks" and "Other Risks And Uncertainties" in Rusoro's Management Discussion and Analysis for the period ended September 30, 2012.
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.
For further information:
regarding Rusoro's arbitration claim please visit Rusoro's website at www.rusoro.com.