Rusoro Mining Wins Key U.S. Court Ruling Confirming Arbitration Award
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March 14, 2018 Trading symbol (TSX-V): RML
Rusoro Mining Wins Key U.S. Court Ruling Confirming Arbitration Award
Vancouver, Canada -- On August 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. ("Rusoro"), a Canadian mining corporation. The arbitral tribunal
ordered Venezuela to compensate Rusoro in the amount of US$967.77 million, plus interest. With interest,
the total amount due today is in excess of US$1.3 billion. Venezuela has refused to pay any portion of the
award. As a result, Rusoro commenced litigation in the U.S. 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 mak ing the award. On March
1, 2018, the DC court ruled in Rusoro’s favour, rejecting all of Venezuela’s defenses and holding that the
award was valid and enforceable in the United States. The DC 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 DC 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.
ON BEHALF OF THE BOARD
"Andre Agapov"
Andre Agapov, President & CEO
Forward-looking statements:
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the regulatory process and actions, technical issues, new legislation, 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 execute and implement its future plans. Actual results 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
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