Update on Arbitration Claim Sept 2022 REVISED
Update on Arbitration Claim Sept 2022
REVISED
VANCOUVER, BRITISH COLUMBIA – October 7, 2022 – Lupaka Gold Corp.
("Lupaka" or the “Company") (TSX -V: LPK, FRA: LQP) issues a revised
update which corrects certain inaccuracies in its original news release of
September 29, 2022 entitled “Update on Arbitration Claim Sept 2022”.
The corrected version regarding its ongoing Arbitration Claim proceedings
(the “Claim”) with the Republic of Peru (“Peru”) is as follows. If readers wish
to see the specific changes, please refer to the Company’s website.
As previously reported, in October 2020, Lupaka filed a request for arbitration in
accordance with Article 36 of the International Convention on the Settlement of
Investment Disputes (“ICSID”) and Article 824 of the CPFTA against Peru for
breaches of the Free Trade Agreement between Canada and Peru which entered
into force on August 1, 2009 (the “FTA”). Lupaka filed its Memorial on t he Merits
with the ICSID on October 1, 2021, requesting full compensation for the loss of its
investments in the Invicta Gold Project, which Lupaka alleges resulted from Peru’s
breaches of its obligations under the FTA.
On March 24, 2022, Peru submitted its Memorial on Jurisdiction and Counter -
Memorial on the Merits . The Company subsequently filed its Reply Memorial on
September 23, 2022.
Peru is required to respond during January 2023 followed by the formal arbitration
hearing, which is due to take place between late March and early April 2023. Any
final award will be announced by the Arbitral Tribunal some time aft er the
arbitration hearing.
“The Company has a very strong case here”, stated Gordon Ellis, C.E.O. He further
commented that “I have reviewed the Memorial documents submitted by Lupaka
on September 23, 2022 and met with LALIVE, our legal counsel, earlier this week.
With the very capable support of the Company’s current and previous employees,
our combined legal counsel has completed extensive and thorough investigati on
and research of all aspects of the Claim . In addition, independent, third- party
reports have been prepared by the Company’s quantum evaluators and mining
engineers in support of the Company’s Claim.”
For ongoing updates and more detail with respect to the arbitration, please refer
to the Company’s website (www.lupakagold.com/projects/arbitration).
For background on the basis for the Claim, please refer to the Company’s previous
news releases, also available on the Company’s website
(www.lupakagold.com/news/#2020).
Lupaka is represented in the arbitration proceedings by the international law firm
LALIVE (www.lalive.law) ) and Boies Schiller Flexner (www.bsfllp.com), and has
the financial backing of Bench Walk Advisors (www.benchwalk.com).
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
the term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy of this news release.
About Lupaka Gold
Lupaka is an active Canadian-based company focused on creating shareholder
value through identification and development of mining assets.
About Bench Walk Advisors
Bench Walk Advisors is a global litigation financier with over USD 250m of capital
deployed across in excess of 100 commercial cases. Bench Walk and its
principals have consistently been ranked as leading lawyers and litigation
funders in various global directories.
About LALIVE
LALIVE is an international law firm with offices in Geneva, Zurich and London,
that specializes in international dispute resolution. The firm has extensive
experience in international investment arbitration in the mining sector, amongst
others, and is currently representing investors and States as counsel worldwide.
About Boies Schiller Flexner
Boies Schiller Flexner is a firm of internationally recognized trial lawyers, crises
managers, and strategic advisers known for creative, aggressive, and efficient
pursuit of successful outcomes for their clients.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gordon Ellis, C.E.O.
Tel: (604) 985-3147
or visit the Company’s profile at www.sedar.com or its website at
www.lupakagold.com