Rusoro Mining Announces Venezuela Voluntarily Dismissed Appeal Of US $1.62 Billion Judgment Rendered By The U.S. District Court In Washington DC In Favor Of Rusoro Mining
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September 22, 2021 Trading symbol (TSX-V): RML
Rusoro Mining Announces Venezuela Voluntarily Dismissed Appeal Of US $1.62 Billion
Judgment Rendered By The U.S. District Court In Washington DC In Favor Of Rusoro
Mining
Vancouver, Canada -- Rusoro Mining Ltd. (the "Company" or "Rusoro") announced on Monday,
September 20, the Republic of Venezuela voluntarily dismissed its appeal of the US$1.62 billion
(representing the original award amount of US$967.77 million plus approximately US$652.23 million of
interest as calculated by the Company ) award judgment rendered by the U.S. District Court in Washington
DC in favor of Rusoro Mining, and against Venezuela. That judgment confirmed the award of an
international arbitration tribunal based in Paris, which found that Venezuela had expropriated Rusoro’s
mining-related investments in that country in violation of international law, and ordered Venezuela to
compensate Rusoro for the damages it suffered as a result of Venezuela’s seizure of its investments.
Venezuela’s decision to abandon its U.S. appeal comes on the heels of a ruling earlier this year by the French
Court of Cassation — France’s highest court — rejecting Venezuela’s arguments that the arbitration award is
invalid. The French court’s ruling enables Rusoro to continue its enforcement efforts on a global basis.
Andre Agapov, Rusoro’s CEO, stated that “we are hopeful that Venezuela’s decision to withdraw its U.S.
appeal reflects a decision on its part to respect international law and will lead Venezuela to finally
compensate Rusoro in accordance with the rulings of the arbitration tribunal and the U.S. courts.” Mr.
Agapov added that if Venezuela does not pay the U.S. judgment voluntarily, that Rusoro will continue its
enforcement efforts against Venezuelan assets wherever they are found.
ON BEHALF OF THE BOARD
"Andre Agapov"
Andre Agapov, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements:
This document contains statements about expected or anticipated future events and financial results that are forward-looking in
nature and as a result, are subject to cert ain risks and uncertainties, such as timing and results of an appeal with the French
Supreme Court, timing and amount of settlement payments, general economic, market and business conditions, the regulatory
process and actions, technical issues, new legisl ation, competitive and general economic factors and conditions, the uncertainties
resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company’s capability to exe cute
and implement its future plans. Actual resul ts may differ materially from those projected by management. For such statements, we
claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.