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Junior gold miner Rusoro's big award against Venezuela is reinstated
The court decision, the international arbitration award, and 20 trillion bolivars may buy the company a cup of coffee.
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By Donna Slate
Creamer Media's Mining Weekly
Thursday, April 1, 2021
Canadian junior Rusoro Mining reports that the French Supreme Court -- the Cour de Cassation -- has overturned the decision of the Paris Court of Appeal, which had annulled part of the damages portion of the arbitral award previously rendered in favor of the company.
In August 2016 Rusoro was awarded $967.77 million in damages by the Arbitration Tribunal, operating under the World Bank's International Centre for the Settlement of Investment Disputes in an arbitration brought by Rusoro against Venezuela.
... Dispatch continues below ...
Trillium Gold Reports More High-Grade Gold Results at Newman Todd With Final 2020 Drill Results
via PRNewswire, New York
Thursday, April 1, 2021
VANCOUVER, British Columbia, Canada -- Trillium Gold Mines Inc. (TSXV: TGM, OTCQX: TGLDF, FRA: 0702) reports the final results from the company's 2020 drill program at its flagship Newman Todd property in Red Lake, Ontario. The Newman Todd Zone (NT Zone) is a 2.2-kilometer-long structural target situated 26 kilometers from Evolution Mining's Red Lake operations.
Results from the final 4 drill holes of the 2020 drill campaign (NT20-176, NT20-178, to 180 totalling 1,862 meeters) are now complete and compiled. The large backlog of samples at the lab has been rectified and overdue results from our 2021 drilling are now being received. This brings total drilling at Newman Todd in 2020 to 6,081 meters in 16 drill holes, the first drilling since 2013 on the property.
"Drilling at Newman Todd continues to deliver gold even as we step toward the northern boundary. These results have aided us significantly in our reinterpretation of the structures controlling mineralization within the NT Zone and have helped with the new modeling, which is directing our current drilling," says Bill Paterson, Trillium Gold's vice president of exploration. ...
... For the remainder of the announcement:
Rusoro filed its request for arbitration before the World Bank's arbitration tribunal in July 2012 under the Canada-Venezuela Bilateral Investment Treaty. In its award, the tribunal upheld Rusoro's claims that Venezuela breached its obligations under the treaty by unlawfully expropriating Rusoro's investments without paying compensation and by imposing certain restrictions on the export of gold.
Rusoro president and CEO Andre Agapov says this decision reinstates the arbitration award in full and will enable the company to continue to pursue recognition and enforcement of the award, the value of which is about $1.58 billion. This compares to the original award amount of $967.77-million, plus about $612.23 million of interest as calculated by Rusoro. ...
... For the remainder of the report:
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