Las Cristinas Arbitration Temporarily Suspended
Posted : Thu, 30 Jul 2009 20:32:47 GMT
Author : Infinito Gold Ltd.


CALGARY, July 30 Infinito-Las-Cristins

Trading Symbol: TSX-V: IG

CALGARY, July 30 /PRNewswire-FirstCall/ - Infinito Gold Ltd. ("the Company")
announces that it has been advised by the International Center for the
Settlement of Investment Disputes ("ICSID"), that the President of the Arbitral
Tribunal appointed to rule on the Las Cristinas matter, Dr. Robert Briner, has
resigned his appointment in the case due to ill health. The parties to the
Arbitration, namely the Company and the Bolivarian Republic of Venezuela
("Venezuela"), have been directed to proceed with the appointment of an
arbitrator to replace Dr. Briner. Once the process is completed the new
President of the Tribunal will join co-arbitrators Prof. Brigitte Stern and
Judge Charles Brower.
A hearing to present the merits of the case has been scheduled to commence on
December 7, 2009 in Washington D.C. but it is likely that this timing can not be
achieved because of the process required to select a replacement arbitrator,
have that person become familiar with the case and co-ordinate the timing of the
proceeding.
The Company maintains that its rights to mine Las Cristinas were expropriated in
a discriminatory manner and without prompt, adequate and effective compensation
by Venezuela. An investment of approximately US$ 185 million has been made by
the Company's subsidiary for the exploration and development of the properties
that led to a determination of reserves in excess of 12 million ounces of gold
and over 1 billion pounds of copper.
The Company is requesting remedies under the Bilateral Investment Treaty between
Canada and Venezuela and restitution of its contractual rights to mine the
property plus damages or monetary damages of approximately US$ 1.1 billion. The
Company alleges that the Government of Venezuela including their agency the CVG,
which owns five percent of MINCA, breached the Bilateral Investment Treaty in
place between Venezuela and Canada. The Company also alleges that the Government
of Venezuela has expropriated the investments of Infinito Gold Ltd. Vannessa de
Venezuela and MINCA without due process of law, in a discriminatory manner and
without prompt, adequate and effective compensation, contrary to Article VII of
the Bilateral Investment Treaty, and that the Government of Venezuela failed to
accord fair and equitable treatment and full security to Vannessa de Venezuela
and MINCA, contrary to Article II (2) of the Treaty.
While the company is confident in the validity of its position, there can be no
assurance that it will be successful in all, or part, of its claims and any
award granted will be shared with other parties according to pre-existing
contractual agreements.


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