VANCOUVER, BC, July 10,
2023 /CNW/ - Rusoro Mining Ltd. (TSXV: RML)
(the "Company" or "Rusoro") is pleased to
announce that it has achieved a significant appellate victory in
proceedings to enforce an arbitration award it obtained against the
Republic of Venezuela arising out
of Venezuela's expropriation of
Rusoro's gold mining assets, which as of today, with interest,
totals over US$1.4 billion. The U.S.
Court of Appeals for the Third Circuit, which is based in
Philadelphia, affirmed that
Venezuala's state-owned oil company is the country's alter ego and
that its property may be seized in satisfaction of the Republic's
judgment debt.
A three-judge panel rejected Venezuela's argument that political turmoil in
the country warranted a different outcome than the Third Circuit
had reached back in 2019, when it concluded that
the Republic controls its state-owned oil company, Petróleos de
Venezuela, S.A.
("PDVSA"). The ruling re-affirms Delaware Federal
Judge Leonard Stark's ruling on the
issue for the second time in five years.
The panel, comprised of Judges Stephanos
Bibas, Paul Matey and
Arianna Freeman stated: "Even
accounting for those differences [regarding political turmoil], the
district court correctly concluded that PDVSA remains the alter ego
of Venezuela." "…Reviewing PDVSA's
other arguments would stretch the limited grant of our appellate
jurisdiction well beyond the words written by Congress, we decline
the invitation and will affirm the district court's judgment."
Andre Agapov, CEO of the Company,
stated: "Rusoro welcomes the Court of Appeals' ruling and remains
hopeful that, rather than continue to waste the Republic's scarce
resources fighting with its creditors in court, the Republic will
voluntarily pay its obligation to the Company and allow the parties
to bring this longstanding dispute to its overdue conclusion."
James Berger, Charlene Sun, and R. Craig Martin of DLA Piper represented Rusoro in
the proceedings.
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 press release contains "forward-looking information"
and "forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of Rusoro Mining Ltd. in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause Rusoro's actual
results, performance and achievements to differ materially from
those expressed or implied by the forward-looking information and
statements and accordingly, undue reliance should not be placed
thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in our annual and quarterly Management's Discussion and
Analysis and in other filings made by us with Canadian securities
regulatory authorities and available at www.sedar.com. Rusoro
Mining Ltd. disclaims any obligation to update or revise any
forward-looking information or statements except as may be
required."
SOURCE Rusoro Mining Ltd.
