Infinito Gold Announces Acceptance of Appeal
24 Oktober 2011 - 11:15PM
PR Newswire (Canada)
Trading Symbol: TSX-V: IG CALGARY, Oct. 26, 2011 /CNW/ - Infinito
Gold Ltd. (the "Company") announces that late in the day on
Tuesday, October 25, 2011, the Administrative Law Chamber of the
Supreme Court of Costa Rica, ("SALA I") posted a news release
indicating they had accepted the fundamental aspects of the request
for annulment ("Casación") filed on January 18, 2011 by the
Company's wholly owned subsidiary in Costa Rica, Industrias
Infinito S.A., ("IISA"). The Casación was filed against the
sentence imposed by the Tribunal Contencioso Administrativo ("TCA")
on November 24, 2010, (the "Ruling"). In addition, the SALA I
accepted the Casación of certain government agencies involved in
the Crucitas project approval process and certain, but not all, of
the individuals and organizations directly impacted by the Ruling
(collectively the "Parties"). In conjunction with accepting the
Casación filed by each of the Company and the Parties the SALA I
indicated that it intended to render a decision on the Casación
within five weeks, which includes a period of fifteen days where
the Parties have the opportunity to provide new material for
consideration. As stated in the Company's January 18, 2011 news
release, the filing of the Casación seeks to overturn the Ruling
which: (i) annulled the Exploitation Concession of the Company's
Crucitas gold project, (ii) invalidated the original approval of
the environmental impact study received in December of 2005 during
the Abel Pacheco presidency and the amended environmental impact
study received in February of 2008, and (iii) invalidated the
Presidential Decree declaring the project to be in the national
interest received in October of 2008. The apparent situation where
a lower court, the TCA, ignores or discounts the ruling of a higher
court, in this case a ruling by the Constitutional Chamber of the
Supreme Court ("SALA IV") received in April 2010, has implications
for the broader business and legal community in Costa Rica. The
Company is seeking to re-establish the security and value of its
considerable and long term investments in Costa Rica and to reverse
the negative impact that the Ruling has had with respect to the
Company's share price and the inherent negative impact on its
investors and employees. The Company wishes to emphasize that
acceptance of the Casación by the SALA I cannot be equated to a
decision granting the relief requested in the Casación and that the
Company makes no representation as what the nature and timing of
the SALA I's decision will be. The goal of the Company continues to
be to construct the Crucitas mine as a model of sustainable mining
incorporating the highest of environmental standards and with
leading social programs focusing on the poor rural communities
surrounding the project area. In a time when Costa Rica, like
many countries, is facing daunting fiscal constraints the expected
royalty, tax, and economic benefits that the Crucitas project
offers to Costa Rica are substantial . The Company also informs
investors that the arbitration hearing, (the "Hearing") against the
Bolivarian Republic of Venezuela ("Venezuela") dealing with the Las
Cristinas case took place between October third and October sixth,
2011 in Washington DC. The Company is seeking compensation
for what it alleges is the confiscation of the mining concessions
over the large Las Cristinas gold and copper concession located in
eastern Venezuela. Caution Regarding Forward-Looking Information
and Statements Certain statements in this press release address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. These factors
include, among others, whether the negative impacts of the Ruling
on the Company can be reversed by the Casación, that the Casación
may be unsuccessful or that other legal options may be unavailable
or unsuccessful at restoring the Company's rights or value. These
statements are made as of the date of this release but the Company
undertakes no obligation to update these statements or any related
forward-looking information if circumstances or management's
estimates or opinions should change. With respect to the
arbitration against Venezuela the Company advises that there is no
certainty regarding the nature and timing of the ruling of the
arbitral tribunal on the Las Cristinas case and, if successful,
that there is no certainty on the amount of a monetary award, if
any. There is also uncertainty as to whether Venezuela would
actually pay all, or part, of an award and the timing of any such
payment. The reader is cautioned not to place undue reliance on
forward-looking information or statements. INFINITO GOLD LTD. John
Morgan President and CEO " 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 and accuracy of this release." Infinito Gold Ltd.
CONTACT: INFINITO GOLD LTD.600, 1100 1stStreet S.E.Calgary, Alberta
T2G 1B1Telephone: (403) 444-5191
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