Infinito Gold Files to Annul the Tribunal Contencioso Administrativo Ruling
19 Gennaio 2011 - 12:30AM
PR Newswire (Canada)
CALGARY, Jan. 18 /CNW/ -- Trading Symbol: TSX-V: IG CALGARY, Jan.
18 /CNW/ - Infinito Gold Ltd. (the "Company") announces that on
Tuesday, January 18, 2011, its wholly owned subsidiary in Costa
Rica, Industrias Infinito S.A., ("IISA") filed a request for
annulment ("Casación") with the Administrative Law Chamber of the
Supreme Court of Costa Rica, ("SALA I") against the sentence
imposed by the Tribunal Contencioso Administrativo ("TCA") on
November 24, 2010, (the "Ruling"). In addition, several government
agencies involved in the Crucitas project approval process have
filed for Casación along with several individuals directly impacted
by the Ruling. The filing of the Casación seeks to overturn the
Ruling which annulled the Exploitation Concession of the Company's
Crucitas gold project. In addition, the Ruling invalidated
the original approval of the environmental impact study received in
December of 2005 during the Abel Pacheco presidency, the amended
environmental impact study received in February of 2008, and the
Presidential Decree declaring the project to be in the national
interest received in October of 2008. The Ruling also
recommended that the office of the Attorney General investigate
possible criminal action against former President Arias, former
environment minister Dobles, several government officials, a former
employee and a former consultant of the Company. The Company
strongly denies any allegation of wrongdoing throughout the project
approval process in Costa Rica and will consider all legal options,
in addition to the filing of the Casación, in defending itself and
the interests of its investors and employees. In the Casación the
Company is seeking to overturn the Ruling rendered only two days
following the completion of the TCA hearing in November. The
Company is also arguing that most of the matters addressed by the
Ruling were already evaluated in considerable detail by the
Constitutional Chamber of the Supreme Court ("SALA IV"). The
SALA IV ruling was received in April of 2010, following an
exhaustive process which took more than 18 months and included a
site visit by the SALA IV judges and an oral presentation and
questioning process called a Vista which lasted over three
days. The full written ruling of the SALA IV was received in
July of 2010 and at 340 pages is considered one of the most
detailed and extensive decisions in the history of the SALA IV. The
SALA IV decision ruled that the challenges to the grant of permits
allowing development of the Company's Crucitas gold project were
effectively without merit. The SALA IV also ruled that,
following the establishment of a monitoring committee (or
"Comima"), the project could proceed with Comima approval, a
process that was well underway prior to the dissemination of the
Ruling. The Company is seeking to re-establish the security and
value of its considerable and long term investments in Costa Rica
and to reverse the negative impact that the Ruling has had with
respect to the Company's share price and the inherent negative
impact on its investors and employees. The apparent situation
where a lower court ignores or discounts the ruling of a higher
court, in this case the SALA IV, also has implications for the
broader business and legal community in Costa Rica with respect to
judicial and investment security for both the Company as well as
current and potential investors in the country. While the
Company has made the decision to file for Casación, as stated
previously, the Company will continue to evaluate all legal options
to defend itself as well as the interests of its investors and
employees during the SALA I judicial process. Caution
Regarding Forward-Looking Information and Statements Certain
statements in this press release address future events and
conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the statements. These factors include, among others, whether
the negative impacts of the Ruling on the Company can be reversed
by the Casación, that the Casación may be unsuccessful or that
other legal options may be unavailable or unsuccessful at restoring
the Company's rights or value. These statements are made as of the
date of this release but the Company undertakes no obligation to
update these statements or any related forward-looking information
if circumstances or management's estimates or opinions should
change. The reader is cautioned not to place undue reliance on
forward-looking information or statements. INFINITO GOLD LTD. John
Morgan President and CEO " Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy and accuracy of this release." To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/January2011/18/c3509.html
p align="center"bINFINITO GOLD LTD./bbr/ b600, 1100
1/bbsupst/sup/bbStreet S.E./bbr/ bCalgary, Alberta T2G 1B1/bbr/
bTelephone: (403) 444-5191/b/p
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