RE:Wonder Why Hinchcliffe Is So Slow..........Finally ! ! ! !
Galway files arbitration application for Reina de Oro
2018-03-27 06:37 ET - News Release
Mr. Robert Hinchcliffe reports
GALWAY GOLD UPDATES STATUS OF ACTIONS TAKEN TO RECOVER COSTS FROM THE COLOMBIAN GOVERNMENT IN RESPECT OF THE REINA DE ORO PROJECT
Further to its news release dated Aug. 31, 2016, Galway Gold Inc. has provided an update on the status of steps taken to recover losses with respect to the Reina de Oro project.
In 2016, the Colombian Constitutional Court ruled that all mining and petroleum operations in the paramos high-altitude ecosystems, such as the Reina de Oro project, were illegal and that the property permits were invalid. At that time Galway Gold retained legal counsel to consider alternatives to recover its investment in the Reina de Oro project and other possible compensation from the Colombian government.
Galway Gold and its legal counsel have engaged in discussions with the Ministry of Commerce and the Agency for the Defense of the State to settle the damages for the loss of the Reina de Oro project. In order to further protect its claim, Galway Gold announces that it has filed an application for arbitration under the Canada-Colombia Free Trade Agreement (FTA) to preserve Galway Gold's rights under the FTA. Discussions between the government and Galway Gold are continuing. Further announcements will be made on the status of this process.