Ascot Mining: Update on the La Toyota Legal Action
(firmenpresse) - London, 9th February 2012 - Ascot Mining Plc (PLUS Markets: ASMP, XETRA®: AM3.DE) announces an update on the legal action regarding the suspended La Toyota gold project.
As previously stated, the Company’s La Toyota project was halted in November 2009 due to unilateral disruptive action taken by the potential joint venture partner, and after Ascot had spent approx. US$1.5 million on development work, including the purchase of equipment and the construction of various buildings and infrastructure. Since then, the Company has employed expert legal counsel in Costa Rica to vigorously protect its rights, thus preventing any illegal disposition or sale of its interest, and has filed various claims for damages totaling approximately US$33 million covering loss of equipment, contractor fees, and loss of earnings.
Throughout this time, the civil and criminal cases against the potential joint venture partner have progressed favorably (there have been 5 judgments to date in the Company’s favour), and the courts have accepted the Company’s initial arguments on all cases, and have resolved to hear them. Furthermore, the companies and individuals that have been sued are deemed to have sufficient assets to cover the losses and damages in the event of a favorable resolution.
Ascot is pleased to announce that on 28th December 2011 in the Appeal Court of Puntarenas, an appeal by the defendant’s lawyer to halt all criminal proceedings against his client was dismissed. As a consequence, the Appeal Judge determined that the case must continue, and has referred the case to an independent Judge who will determine whether there are sufficient grounds for the case goes to trial. The Company anticipates that a date for this hearing will be set on or before 15th February, and that the hearing will take place within a month thereof. The Company also anticipates that should the independent Judge rule at the hearing that there are grounds for a criminal trial, the case will proceed to trial in the Criminal Court within three months of the hearing.
A copy of the Appeal Court ruling has been posted to the Company’s website.
The Directors of the Issuer accept responsibility for this announcement.
If you wish to subscribe for regular Shareholder letters and updates, please send an email to info(at)ascotmining.com
For further information on this announcement please phone:
Alex Panko, Director
Ascot Mining Plc
UK cell +44 (0)7766 080 925
info(at)ascotmining.com
www.ascotmining.com
Daniel Stewart & Co Plc
(PLUS Markets Adviser & Broker)
Colin Rowbury/James Sheehan (Broking) / Noélle Greenaway (Corporate Finance)
+44 (0)207 776 6550
www.danielstewart.co.uk
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Datum: 09.02.2012 - 10:14 Uhr
Sprache: Deutsch
News-ID 112691
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