Rusoro Announces Significant Victory in Proceedings to Enforce Arbitration Award
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.
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