Infinito Gold Ltd. Announces a Negative Arbitral Tribunal Award on
Las Cristinas
Trading Symbol: TSX-V: IG
CALGARY,
Jan. 16, 2013 /CNW/ - Infinito Gold
Ltd. ("Infinito Gold" or the "Company") announces that the
International Centre for the Settlement of Investment Disputes
("ICSID") has released on January 16,
2013 the decision of the Arbitral Tribunal considering the
case brought against the Bolivarian Republic of Venezuela ("Venezuela") regarding the Las
Cristinas gold project in Venezuela.
The Arbitral Tribunal decided that it had
jurisdiction to determine the dispute, however, it also ruled that
Venezuela did not violate the
terms of the Canada-Venezuela Bilateral Investment Treaty and
dismissed all of the claims brought against Venezuela including recovery of costs and lost
profits relating to Infinito Gold's investment in Las
Cristinas.
The Tribunal also decided that Venezuela and Infinito Gold should bear their
own costs in addition to one half each of the costs of ICSID and
the Arbitral Tribunal, which have been paid by the two parties in
that proportion.
This concludes the arbitration process that was
initiated in July of 2004.
Caution Regarding Forward-Looking Information
and Statements
Certain statements in this press release may
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 statements are
made as of the date of this release but Company undertakes no
obligation to update these forward-looking information or
statements 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
"The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this
release."
SOURCE Infinito Gold Ltd.