Canada NewsWire
VANCOUVER, Oct. 11, 2018
Trading symbol (TSX-V): RML
VANCOUVER, Oct. 11, 2018 /CNW/ - Rusoro Mining Ltd.
(the "Company" or "Rusoro") announces that it has agreed on the terms of a settlement proposal ("Settlement Proposal")
with the Bolivarian Republic of Venezuela ("Venezuela") by which Venezuela agrees to pay Rusoro over US$1.28 billion to acquire the Company's
mining data and for full release of the arbitral award (the "Award") issued in favor of the Company in August 2016 by a tribunal constituted pursuant to the Additional Facility of the International Centre for
Settlement of Investment Disputes. In addition, it is contemplated that the parties will constitute a Mixed Commission to assess
the current status of Rusoro's Choco 10 and San Rafael - El Placer former projects and on the basis of such assessments may by
the end of January 2019 partner to exploit those projects. Rusoro expects to sign the formal
settlement agreement (the "Settlement Agreement") shortly after completion of the schedules to the Settlement Agreement.
"We are very pleased that we have agreed on terms of a settlement with Venezuela," commented
Vladimir Agapov, Chairman of Rusoro. "We look forward to the execution of the Settlement Agreement
and towards our continued relationship with Venezuela in assessing two of Rusoro's former gold
projects regarding a potential partnership to restart production of the Choco 10 and San Rafael – El Placer mines."
ON BEHALF OF THE BOARD
"Gordon Keep"
Gordon Keep, Director
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 certain risks and uncertainties, such as signing of the Settlement
Agreement, timing of signing the Settlement Agreement, timing and amount of settlement payments, general economic, market and
business conditions, 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 Reform Act of 1995.
SOURCE Rusoro Mining Ltd.
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