Trading Symbol: TSX-V: IG
CALGARY, April 25 /CNW/ - On Sunday, April 18, 2010, Infinito Gold Ltd. (the "Company") announced, that the Constitutional Chamber of the Supreme Court in Costa Rica ("SALA IV") ruled that the challenges to the grant of permits allowing development of the Company's Crucitas gold project were without merit, ending the suspension of development activity at the project imposed by the SALA IV.
Furthermore, the Company announced that it had been made aware that a group opposed to the project had filed an injunction on Saturday April 17, 2010, based on an earlier filing, with the Tribunal Contencioso Administrativo, or Administrative Court (the "Tribunal"). The parties were awarded a period of three business days by the Tribunal to present written arguments. However, during this three day review period no work could be conducted in the mining or tailings area at the site.
On Wednesday April 21, 2010 the Company and certain agencies of the government of Costa Rica submitted written material to the Tribunal which argued that the injunction should be removed, based, in part, upon the legal principle of Cosa Juzgada which states that no lower court will rule again on the same matters that have been addressed by the SALA IV.
Late on Friday, April 23, 2010 the Company learned that the Tribunal had extended the injunction on the basis that the favourable ruling by the SALA IV, received on April 18, 2010, was the basic or summary decision reached by the SALA IV and not the complete, detailed decision. The Tribunal ruled that until the complete, detailed decision can be reviewed, the injunction at the site would continue. The Tribunal also ruled that its decision to continue the injunction can be forwarded to an appeal court and that any appeal must be submitted by April 28, 2010.
The Company is appealing the Tribunal's ruling in order that work can be recommenced prior to the Tribunal receiving and reviewing the full detailed ruling from the SALA IV. Although the Company had previously announced on April 18, 2010 that the complete, detailed decision would be made available by the SALA IV in the near future, the Company has not been advised when that ruling will be disseminated.
The Company through its wholly-owned subsidiary in Costa Rica, Industrias Infinito S A will continue to work with local counsel to ensure that work on the Crucitas project may recommence as early as possible.
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 SALA IV decision and the nature of any conditions contained therein, the impact of the recent injunction on development at the site, the possibility of further 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
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."
SOURCE Infinito Gold Ltd.
For further information: For further information: INFINITO GOLD LTD., 216, 102 - 8th Avenue S.W., Calgary, Alberta, T2P 1B3, Telephone: (403) 444-5191