Galway Gold Updates Status of Actions Taken to Recover Costs from the Colombian Government in Respect of the Reina de Oro Project
Galway Gold Updates Status of Actions Taken to Recover Costs from the
Colombian Government in Respect of the Reina de Oro Project
TORONTO, ON / ACCESSWIRE / March 27, 2018 / Further to its news release
dated August 31, 2016, Galway Gold Inc. (TSX-V: GLW) (OTC PINK: GAYGF)
("Galway Gold" or the "Company") announces the status of steps taken to recover
losses with respect to the Reina de Oro project.
In 2016, the Colombian Constitutional Court ruled that all mining and petroleum
operations in the páramos high altitude ecosystems, such as the Reina de Oro project,
were illegal and that the property permits were invalid. At that time Galway Gold
retained legal counsel to consider alternatives to recover its investment in the Reina de
Oro project and other possible compensation from the Colombian government.
Galway Gold and its legal counsel have engaged in discussions with the Ministry of
Commerce and the Agency for the Defense of the State to settle the damages for the
loss of the Reina de Oro project. In order to further protect its claim, Galway Gold
announces that it has filed an application for arbitration under the Canada-Colombia
Free Trade Agreement ("FTA") to preserve Galway Gold's rights under the FTA.
Discussions between the government and Galway Gold are ongoing. Further
announcements will be made on the status of this process.
For further information, contact:
Galway Gold Inc.
Robert Hinchcliffe
1-800-761-2770
www.galwaygoldinc.com
Cautionary Note Regarding Forward-Looking Statements:
This News Release includes certain "forward-looking statements" which are not
comprised of historical facts. Forward-looking statements include estimates and
statements that describe Galway Gold's future plans, objectives or goals, including
words to the effect that Galway Gold or management expects a stated condition or
result to occur. Forward-looking statements may be identified by such terms as
"believes," "anticipates," "expects," "estimates," "may," "could," "would," "will," or
"plan." Since forward-looking statements are based on assumptions and address future
events and conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information currently available
to Galway Gold, Galway Gold provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results, performance,
prospects, and opportunities to differ materially from those expressed or implied by
such forward-looking information. Forward-looking information in this news release
includes, but is not limited to, statements related to the termination of the Reina de
Oro project, the ability to recover damages with respect to the termination of the
Reina de Oro project, Galway Gold's objectives, goals or future strategic plans and
new corporate opportunities, and the Company's ability to find a viable resource
project in Colombia or an alternative mining jurisdiction. Factors that could cause
actual results to differ materially from such forward-looking information include, but
are not limited to an inability to recover damages in respect of the termination of the
Reina de Oro project, failure to identify a viable resource project, delays in obtaining
or failures to obtain required governmental, environmental or other project approvals,
political risks, uncertainties relating to the availability and costs of financing needed
in the future, changes in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of projects, capital and
operating costs varying significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set out in Galway
Gold's public documents filed on SEDAR. Although Galway Gold has attempted to
identify important factors that could cause actual actions, events, or results to differ
materially from those described in the forward-looking information, there may be
other factors that cause actions, events, or results not to be as anticipated, estimated,
or intended. There can be no assurance that forward-looking information will prove to
be accurate. The forward-looking information contained herein is presented for the
purposes of assisting investors in understanding Galway Gold's plans, objectives, and
goals and may not be appropriate for other purposes. Accordingly, readers should not
place undue reliance on forward-looking information. Galway Gold does not
undertake to update any forward-looking information, except in accordance with
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
SOURCE: Galway Gold Inc.