Trading symbol (TSX-V): RML
VANCOUVER, Dec. 18, 2018 /CNW/ - Rusoro Mining Ltd.
(the "Company" or "Rusoro") would like to provide an
update on the status of the initial US$100
million payment from the Bolivarian Republic of Venezuela ("Venezuela"). A portion of
the funds were sent by Venezuela
and received by a Canadian bank representing Rusoro. The bank
refused to advance the funds to Rusoro due to concerns about the US
sanctions and the effect facilitating the payment may have on their
US subsidiary. The Company continues to work with the global
banking community and is optimistic it will be able to find a
satisfactory process to enable the receipt of the US$100 million payment in the near future and
also future payments as they become due.
In October 2018, the Company
announced the signing of a settlement agreement ("Settlement
Agreement") in which Venezuela
agreed to pay Rusoro over US$1.28
billion for full release of the arbitral award (the "Award")
issued in favor of the Company in August
2016 by a tribunal constituted pursuant to the Additional
Facility of the International Centre for Settlement of Investment
Disputes and to acquire the Company's mining data.
ON BEHALF OF THE BOARD
"Gordon Keep"
Gordon Keep, Director
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 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.
