Winshear Commences International Arbitration Proceedings Against the Government of Tanzania
WINSHEAR COMMENCES INTERNATIONAL ARBITRATION PROCEEDINGS
AGAINST THE GOVERNMENT OF TANZANIA
Vancouver, July 14, 2020
Winshear Gold Corp. (TSX-V: WINS) has commenced international arbitration proceedings
against the Government of the United Republic of Tanzania under the Agreement between
the Government of Canada and the Government of the United Republic of Tanzania for the
Promotion and Reciprocal Protection of Investments which entered into force on 9 December
2013 (the “BIT”) (“the Arbitration”). The Arbitration results from Tanzania’s expropriation of
investments held by Winshear (formerly Helio Resource Corp) in relation to the SMP Gold
Project (see news release dated January 10, 2020). Winshear has entered into a Letter of
Intent with a third party funder, the details of which will be announced on conclusion of a
definitive agreement.
The Arbitration has been initiated under the Convention on the Settlement of Investment
Disputes between States and Nationals of Other States process, which falls under the auspices
of the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), to
which Tanzania is a signatory.
Winshear delivered notice to the Attorney General for Tanzania in January 2020 of its intention
to submit a claim to arbitration as a result of Tanzania’s breaches of the BIT, including the
expropriation of its investments. The notice period provides for a six month consultation
period before arbitration proceedings can be pursued. Tanzania did not respond during the 6-
month consultancy period. As a result, Winshear has commenced the Arbitration to seek
compensation for the losses it incurred as a result of Tanzania’s illegal acts.
The Company has engaged LALIVE, an international law firm, to act on its behalf. LALIVE has
offices in Geneva, Zurich and London, and specialises in international arbitration. The firm has
extensive experience in international investment arbitration concerning mining and other
natural resources and is representing investors and States as counsel worldwide.
For more information please contact Irene Dorsman at (604) 210-8751 or by e-mail at
irene@winshear .com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard D. Williams, P .Geo
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the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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This news release includes certain statements and information that may contain forward-looking information
within the meaning of applicable Canadian securities laws.
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estimates of management as of the date such statements are made and they are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those expressed or implied by such forward-looking
statements or forward-looking information, including the risks normally involved in the exploration, development
and mining business or as may be otherwise set out in the Company’s filings with Canadian securities regulatory
agencies. Although management of the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward -looking statements or forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements and forward-looking information. The Company does not undertake to update
any forward-looking statements or forward-looking information that are incorporated by reference herein,
except in accordance with applicable securities laws.