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 PeÃ±a 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.
The Toronto Stock Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
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.