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Message: World Wide Comments on Developments in Kazakhstan
| June 3, 2009 |
| World Wide Comments on Developments in Kazakhstan |
| TORONTO, CANADA--(Marketwire - June 3, 2009) - World Wide Minerals Ltd. today commented on current developments in Kazakhstan involving Kazatomprom and the criminal investigation of several of its senior executives related to the sale of uranium deposits. Kazatomprom is the agency of the government of Kazakhstan that manages the uranium resources of that country. The uranium deposits involved are the Kharasan, Akdala and South Inkai ISR deposits, which are intertwined with World Wide's history in Kazakhstan. Interests in the deposits were acquired by UrAsia Energy in 2005 for a total of US$425 million. UrAsia Energy was subsequently acquired by Uranium One Inc. for approximately $3.5 billion. The Kharasan and Akdala ISR uranium deposits are two of eight ISR uranium deposits, interests in which were either optioned to or contracted to World Wide in 1996-1997. They form part of the arbitration, currently in progress, wherein World Wide and its affiliates are claiming compensation from Kazakhstan and its agencies, including Kazatomprom. The current criminal investigation reinforces World Wide's long standing complaints of mistreatment by the Government of Kazakhstan. The issues in the arbitration relate to default by Kazakhstan in repaying loans made to Kazakhstan in 1996-1997 as well as losses suffered by World Wide in Kazakhstan and the net value of uranium deposits and related assets that World Wide had the right to acquire, including Kharasan and Akdala. The arbitration is being conducted under UN Arbitration Rules. |
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