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or Name
USA
CA



Rusoro Mining Ltd
Symbol RML
Shares Issued 544,770,623
Close 2018-03-13 C$ 0.08
Market Cap C$ 43,581,650
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Rusoro wins U.S. court ruling over $1.3B (U.S.) owed

2018-03-14 09:25 ET - News Release

Mr. Andre Agapov reports

RUSORO MINING WINS KEY U.S. COURT RULING CONFIRMING ARBITRATION AWARD

On Aug. 16, 2017, an arbitration tribunal convened under the Canada-Venezuela Bilateral Investment Treaty found that the Republic of Venezuela had unlawfully expropriated the gold mining assets of Rusoro Mining Ltd., a Canadian mining corporation. The arbitral tribunal ordered Venezuela to compensate Rusoro in the amount of $967.77-million (U.S.), plus interest. With interest, the total amount due today is in excess of $1.3-billion (U.S.). Venezuela has refused to pay any portion of the award. As a result, Rusoro commenced litigation in the United States District Court for the District of Columbia to convert the award to a U.S. judgment that can be executed against Venezuela's assets. Venezuela contested this proceeding, claiming that the arbitral tribunal exceeded its authority in making the award. On March 1, 2018, the D.C. court ruled in Rusoro's favour, rejecting all of Venezuela's defences and holding that the award was valid and enforceable in the United States. The D.C. court entered judgment for the full amount of the award, plus interest.

While Rusoro would prefer a consensual resolution of its dispute with Venezuela, it will take all measures available to it to enforce the award and, if necessary, to seize Venezuelan assets in order to satisfy its claims. U.S. law entitles Rusoro to broad discovery concerning Venezuelan state assets around the world, and it will move to take that discovery now that the D.C. court has entered judgment. A treaty, known as the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, allows Rusoro to enforce its award in over 140 countries; in addition to the United States, Rusoro has obtained a judgment in Canada and has commenced enforcement proceedings in England. Based on the information obtained through judicial discovery, Rusoro will pursue enforcement against Venezuela in any other country where it maintains assets until the award has been satisfied in full.

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