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Constitutional Court in Costa Rica Confirms Validity of Grant of Crucitas Gold Project Permits
Publié le 20 avril 2010
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Re: News - Monday, April 19, 2010
Constitutional Court in Costa Rica Confirms Validity of Grant of
Crucitas Gold Project Permits
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Infinito Gold Ltd. (the "Company") announces that on Friday, April 16,
2010, 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 are without merit,
ending the suspension of development activity at the project imposed by
the SALA IV.
This ruling by the SALA IV, in Vote No 6922, disposes of all challenges
raised by a number of citizens alleging that certain official approvals
and permits received by the Company's wholly owned subsidiary in Costa
Rica, Industrias Infinito SA, were not issued in compliance with
applicable laws and regulations. The Vote states, by a margin of five
votes to two, that the legal challenges were without merit with one
specific exception that was considered to have been cured by the date
of the Vote. This supports the earlier ruling by the SALA IV, received
in November 2009, stating that it was not contrary to the Constitution
for the President and the Minister of Environment of Costa Rica to
issue the Presidential Decree in October 2008 declaring the Crucitas
project to be in the national interest.
President and CEO, John Morgan, stated: "The Company takes very
seriously its environmental and social responsibilities in the
development of this project, and has always believed that the many
years spent developing its research, preparation, practices and
management plan for environmental and social responsibilities would be
viewed as world class and best practice. The very detailed review by
Costa Rican Constitutional Court over a period of 16 months including a
site visit and a public hearing by the Magistrates has vindicated that
commitment by the Company."
Chairman, Steven Dean, stated: "Costa Rica has a world renowned
reputation as an environmentally responsible country and the Company is
committed to managing the project with principles consistent with that
high standard. It is the Company's objective to make the Crucitas
project a model for sustainable and responsible development of mining
projects, not only in Central America, but the world."
The Vote received on Friday, April 16, 2010 is the basic or summary
decision reached by the SALA IV. The complete, detailed decision will
be made available by the SALA IV in the near future. Although the
detailed decision will have to be reviewed carefully, the Company's
legal advisors do not anticipate any further delay in the resumption of
construction activities, or undue restraints on the Company's
construction or operating procedures.
On Saturday April 17, 2010 the Company became aware that a group
opposed to the project had filed an injunction, based on an earlier
filing, with the Tribunal Contencioso Administrativo and was awarded a
period of three business days for the parties to present written
arguments to the Tribunal. During this period no work can be done in
the mining or tailings area at the site. The Company will file
arguments with the Tribunal Contencioso to lift the injunction. Legal
counsel in Costa Rica has advised that the filing has no merit for
several reasons including the fact that the SALA IV has already ruled
on the items that have been put forward to the Tribunal Contencioso.
In Costa Rica there is a legal principle in effect called "Cosa
Juzgada" that once the Supreme Court has ruled on a case that no lower
courts will rule again on same matters. The Company anticipates that
this will have no impact on development at the site.
The Company was well advanced with construction activity at the mine
site when activity was suspended in October of 2008. Since that date,
the Company has continued to receive components required for the
processing plant such as screens, pumps, agitators and the main project
electrical transformers. The mill pedestals are in place and the SAG
and ball mill are ready to be mounted when construction recommences.
The Company will continue working with BNP Paribas, which has been
providing structuring advice as lead arranger for the financing of the
Crucitas project, with the objective of securing project financing as
soon 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 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.
John Morgan
President and CEO
"The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release."
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Copyright (c) 2010 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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