Eco Oro receives positive ruling regarding court proceedings
VANCOUVER, March 26, 2013 /CNW/ - Eco Oro Minerals Corp. ("Eco Oro" or the "Company") (TSX: EOM) is pleased to report that the legal proceedings filed by Sociedad Mina Los Diamantes Ltda. and Crisanto Peña Gelvez (the "Claimants"), as previously disclosed on February 4, 2013, have been rejected by the Eighth Civil Circuit Court of the City of Bucaramanga, by the Judge who originally admitted the case.
The Claimants had asked the Court to annul the assignment and sale agreement (the "Agreement") entered into in 1994 by the Claimants and the Company pursuant to which the Company acquired mining permit 3452 from the Claimants, which permit, covering an area of 250 hectares, was subsequently converted into integrated concession contract 3452, covering an area of 5,254 hectares. The Judge concluded that the Agreement has a valid and enforceable arbitration provision, which requires all disputes or differences concerning the performance of the Agreement to be resolved by arbitration. As a result, the Judge decided to reject the legal proceedings due to a lack of jurisdiction and ordered costs and damages to be paid by the Claimants.
Eco Oro Minerals Corp. is a publicly-traded precious metals exploration and development company with a portfolio of projects in Colombia. Eco Oro has been focused on its wholly-owned, multi-million ounce Angostura gold-silver deposit, located in northeastern Colombia, for over 15 years during which it has invested over $200 million in the project's development and in that of the surrounding communities. Eco Oro is committed to further advancing the Angostura Underground Project in a socially and environmentally responsible manner that will be beneficial for all stakeholders.
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Certain statements in this news release are "forward-looking" within the meaning of Canadian securities legislation. They include statements about outcomes of legal proceedings. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements. These factors include, among others, political influence, government regulation as well as other risk factors set out under the heading "Risk Factors" in the Annual Information Form dated March 26, 2012, which is available on SEDAR at www.sedar.com. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
SOURCE Eco Oro Minerals Corp.