VANCOUVER, BC, Aug. 17,
2023 /CNW/ - Rusoro Mining Ltd. (TSXV:
RML) (the "Company" or "Rusoro") is
pleased to announce that on August 14,
2023, the Company submitted to the
United States District Court for the District of
Delaware a statement (the
"Additional Judgement Statement") setting forth the current
value and certain other information concerning the Federal Court
judgement issued on March 2, 2018 by
the United States District Court
for the District of Columbia in
favor of Rusoro and against the Bolivarian Republic of Venezuela (the "U.S. Judgement"). In
the Additional Judgement Statement, the Company reported the amount
of the U.S. Judgement as US$1.48
billion, inclusive of federal post-judgement interest
accruing from the date of the U.S. Judgement (March 2, 2018) to August
14, 2023. Because the U.S. Judgement accrues interest at a
different rate than the arbitral award that the U.S. Judgement
recognized (the "Award"), the current value of the U.S.
Judgement does not capture the full value of the Award, which is
US$1.815 billion. The Company intends
to pursue any difference in value between the U.S. Judgement and
the Award in other appropriate jurisdictions. Although the
Delaware Court has not issued a
final determination on the relative priority of the various
judgements, based on the guidelines set forth by the Delaware Court on July
27, 2023, Rusoro is seventh in order of priority behind
approximately US$3.5 billion in
claims from other claimants.
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.