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Las Cristinas Arbitration Temporarily Suspended
Publié le 10 août 2009
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Las Cristinas Arbitration Temporarily Suspended
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Infinito Gold Ltd. ("the Company") announces that it has been advised
by the International Center for the Settlement of Investment Disputes
("ICSID"), that the President of the Arbitral Tribunal appointed to
rule on the Las Cristinas matter, Dr. Robert Briner, has resigned his
appointment in the case due to ill health. The parties to the
Arbitration, namely the Company and the Bolivarian Republic of
Venezuela ("Venezuela"), have been directed to proceed with the
appointment of an arbitrator to replace Dr. Briner. Once the process
is completed the new President of the Tribunal will join co-arbitrators
Prof. Brigitte Stern and Judge Charles Brower.
A hearing to present the merits of the case has been scheduled to
commence on December 7, 2009 in Washington D.C. but it is likely that
this timing can not be achieved because of the process required to
select a replacement arbitrator, have that person become familiar with
the case and co-ordinate the timing of the proceeding.
The Company maintains that its rights to mine Las Cristinas were
expropriated in a discriminatory manner and without prompt, adequate
and effective compensation by Venezuela. An investment of approximately
US$ 185 million has been made by the Company's subsidiary for the
exploration and development of the properties that led to a
determination of reserves in excess of 12 million ounces of gold and
over 1 billion pounds of copper.
The Company is requesting remedies under the Bilateral Investment
Treaty between Canada and Venezuela and restitution of its contractual
rights to mine the property plus damages or monetary damages of
approximately US$ 1.1 billion. The Company alleges that the Government
of Venezuela including their agency the CVG, which owns five percent of
MINCA, breached the Bilateral Investment Treaty in place between
Venezuela and Canada. The Company also alleges that the Government of
Venezuela has expropriated the investments of Infinito Gold Ltd.
Vannessa de Venezuela and MINCA without due process of law, in a
discriminatory manner and without prompt, adequate and effective
compensation, contrary to Article VII of the Bilateral Investment
Treaty, and that the Government of Venezuela failed to accord fair and
equitable treatment and full security to Vannessa de Venezuela and
MINCA, contrary to Article II (2) of the Treaty.
While the company is confident in the validity of its position, there
can be no assurance that it will be successful in all, or part, of its
claims and any award granted will be shared with other parties
according to pre-existing contractual agreements.
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 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. The 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.
John Morgan
President
"The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release."
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Copyright (c) 2009 INFINITO GOLD LTD. (IG) All rights reserved. For
more information visit our website at http://www.infinitogold.com/ or
send mailto:info@infinitogold.com
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