SALA I Decision Delayed and Review of Strategic Options and Cost Cutting Initiative Underway
25 November 2011 - 5:39AM
PR Newswire (Canada)
TSX-V: IG CALGARY, Nov. 28, 2011 /CNW/ - Infinito Gold Ltd. (the
"Company") announces that the local media in Costa Rica is
reporting that the head of the Administrative Law Chamber of the
Supreme Court of Costa Rica ("SALA I") has indicated that the
decision of the SALA I in respect of the request for annulment
("Casación") of the sentence imposed by the Tribunal Contencioso
Administrativo ("TCA") on November 24, 2010, filed by the Company's
wholly owned subsidiary in Costa Rica, Industrias Infinito S.A.
("IISA"), may be delayed which implies it may not be rendered
within the 25 working day period that was originally indicated by
the SALA I. Construction of the Company's Crucitas gold mining
project has been halted since October of 2008 and remains suspended
even after the Constitutional Chamber of the Supreme Court of Costa
Rica ("SALA IV") provided its ruling of April, 2010 that the
substance of the legal challenges against the project were without
merit. The complete ruling was received in August of 2010 and
represents a decision by the highest court in the country after a
review of the constitutional, technical, environmental and legal
aspects of the project and the process for regulatory approval of
the project in extensive detail. Nonetheless, an injunction put in
place by the TCA has prevented construction from re-commencing at
the site and there has been no significant construction activity on
site for over three years. After over three years of delay due to
proceedings before the SALA IV, the TCA and the SALA I the Company
has decided to take actions in Costa Rica to aggressively reduce
costs by further reducing staff and suspending social programs and
is reviewing all strategic options available and evaluating other
legal options. The Company is also working with its major
shareholder to secure funding which will be used to finance
operations during the review of strategic alternatives, but no
agreement has been reached at this time. 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
Exploram Enterprises Ltd., the Company's major shareholder, will
provide additional funding to the Company, whether the Company may
be able to continue funding its court cases in respect of the Las
Crucitas or the Las Cristinas projects, whether the Company may be
able to obtain funds from any of the activities that may be
identified during the review of strategic options, or at all, and
whether the Casacion or the arbitration case may be successful.
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. 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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