Trading symbol (TSX-V): RML
VANCOUVER, Oct. 17, 2012 /CNW/ - Rusoro Mining Ltd. (the
"Company" or "Rusoro"). Further to the Company's news
release of September 20, 2012
announcing the settlement of all legal proceedings involving Gold
Reserve Inc. ("Gold Reserve"), the Company announced today that an
order has been obtained from the Ontario Superior Court of Justice
dismissing the legal action brought by Gold Reserve against Rusoro,
and the counterclaim brought by Rusoro against Gold Reserve.
Rusoro has paid Gold Reserve $250,000, issued Gold Reserve 2,500,000 common
shares at a deemed value of $0.10 per
share and issued Gold Reserve a conditional promissory note in the
amount of $1,000,000. The
promissory note will only become due and payable in the event that
Rusoro is successful in the litigation it has commenced against the
Venezuelan Government seeking compensation for the nationalization
of Rusoro's gold assets in Venezuela (the "Venezuelan Litigation").
The Company also announced that it has entered
into a trust agreement and contribution agreement whereby it has
agreed to pay to a trust established for management and the board
of directors cash equal to 2% of the proceeds received by the
Company in the event the Company is successful in the Venezuelan
Litigation.
ON BEHALF OF THE BOARD
"Andre Agapov"
Andre Agapov,
President & CEO
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 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.
"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."
SOURCE Rusoro Mining Ltd.