Trading symbol (TSX-V): RML
VANCOUVER, BC, Sept. 22, 2021 /CNW/ - 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
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.
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.
SOURCE Rusoro Mining Ltd.
