Winshear Gold Provides Update on Tanzania Arbitration
September 19 2023 - 10:28AM
Winshear Gold Corp. (TSX-V: WINS)
reports that pursuant to the Company’s arbitration case against the
Republic of Tanzania (“Tanzania”) (see news release dated July 14,
2020), the Company and Tanzania have suspended arbitration
proceedings and have reached a conditional settlement agreement.
There is no guarantee that the conditional settlement agreement
will be concluded. The Company will report any developments as they
occur.
About Winshear Gold Corp
Winshear holds 100% ownership in the Gaban Gold
and Tinka I.O.C.G. projects in Peru. At Gaban, Winshear has
discovered and delineated the Coritiri and Yanamayo bedrock gold
anomalies to an area covering 2.2km by 1km.
Winshear, formerly Helio Resource Corp., has
recently completed an evidentiary hearing in its arbitration case
against the Government of the United Republic of Tanzania to
recover its investment in the SMP gold project in Tanzania. In
2020, Winshear secured up to US$ 3.3M in litigation funding from
Delta Capital Management LLC (“Delta”) to cover the costs of the
arbitration proceedings. The arbitration hearing was held in
February 2023 whereby a judgement is expected within 6 months of
the conclusion of the hearings. Any settlement or judgement paid to
Winshear from the Tanzanian government is subject to a formula
whereby a portion of any proceeds are paid to Winshear’s funders
and legal counsel.
For additional information please contact
Richard Williams at (604) 210-8753 or by e-mail at
richard@winshear.com .
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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