Brilliant Proceeds to Arbitration Against the Government of Equatorial Guinea
13 Juni 2014 - 12:00AM
Marketwired
Brilliant Proceeds to Arbitration Against the Government of
Equatorial Guinea
EDMONTON, ALBERTA--(Marketwired - Jun 12, 2014) - Brilliant
Resources Inc. (TSX-VENTURE:BLT) (the "Company" or "Brilliant")
announces that, through its wholly-owned subsidiary, Ivory
Resources Inc., it has submitted a Request for Arbitration against
the Republic of Equatorial Guinea pursuant to the rules of
arbitration of the International Chamber of Commerce and the air
transported geophysical exploration services agreement between
Ivory and the government of Equatorial Guinea (the "Exploration
Services Agreement").
The arbitration has
been commenced following the failure of the government of
Equatorial Guinea to comply with the terms of the Exploration
Services Agreement. As previously disclosed, the government of
Equatorial Guinea has confirmed that Ivory Resources has met its
obligations under the Exploration Services Agreement by performing
an aerial survey of the Río Muni area of Equatorial Guinea,
interpreting the geological results and carrying out related
technical work (including a six week field program to validate the
results of the survey). Having met its obligations under the
Exploration Services Agreement, Ivory Resources is entitled to
mining exploration concessions, chosen by it, covering 15% of the
Río Muni area of the country. In addition, the survey results and
related data, as well as the location of the selected concessions,
remain subject to the confidentiality provisions of the Exploration
Services Agreement. Notwithstanding the Company's repeated good
faith attempts to work with the government of Equatorial Guinea to
secure the mining contracts and concessions to which Ivory
Resources is legally entitled, the government, in breach of its
obligations, has failed to provide the selected concessions or to
provide the Company with compensation in lieu thereof.
Pursuant to the
arbitration, Ivory Resources seeks damages, in the amount of US$80
million, for breach of the terms of the Exploration Services
Agreement by the government of Equatorial Guinea.
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.
Caution concerning
forward-looking information
This press release
contains "forward-looking information" and "forward-looking
statements" within the meaning of applicable securities laws,
including statements regarding the ability of the Company to
enforce its rights under the Exploration Services Agreement
pursuant to the arbitration. 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 Brilliant 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 Brilliant'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, failure to achieve the
desired result in the arbitration; 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;
fluctuations in foreign exchange rates; 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. Brilliant disclaims any obligation to
update or revise any forward-looking information or statements
except as may be required by applicable law.
Brilliant Resources Inc.Courtenay
Wolfe416-505-8555info@brilliantresources.comwww.brilliantresources.com
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