Vancouver, Canada – Rusoro Mining Ltd. (the “Company” or “Rusoro”) announced on Monday, September 20, the Republic of Venezuela voluntarily dismissed its appeal of the US$1.62 billion (representing the original award amount of US$967.77 million plus approximately US$652.23 million of interest as calculated by the Company) award judgment rendered by the U.S. District Court in Washington DC in favor of Rusoro Mining, and against Venezuela. That judgment confirmed the award of an international arbitration tribunal based in Paris, which found that Venezuela had expropriated Rusoro’s mining-related investments in that country in violation of international law, and ordered Venezuela to compensate Rusoro for the damages it suffered as a result of Venezuela’s seizure of its investments.
Venezuela’s decision to abandon its U.S. appeal comes on the heels of a ruling earlier this year by the French Court of Cassation — France’s highest court — rejecting Venezuela’s arguments that the arbitration award is invalid. The French court’s ruling enables Rusoro to continue its enforcement efforts on a global basis. Andre Agapov, Rusoro’s CEO, stated that “we are hopeful that Venezuela’s decision to withdraw its U.S. appeal reflects a decision on its part to respect international law and will lead Venezuela to finally compensate Rusoro in accordance with the rulings of the arbitration tribunal and the U.S. courts.” Mr. Agapov added that if Venezuela does not pay the U.S. judgment voluntarily, that Rusoro will continue its enforcement efforts against Venezuelan assets wherever they are found.
ON BEHALF OF THE BOARD
“Andre Agapov”
Andre Agapov, President & CEO
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Forward-looking statements:
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 timing and results of an appeal with the French Supreme Court, timing and amount of settlement payments, 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.
