Trading symbol (TSX-V): RML
VANCOUVER, Sept. 20, 2012 /PRNewswire/ - Rusoro Mining
Ltd. (the "Company") The Company announced today that it
has settled all legal proceedings involving Gold Reserve Inc.
("Gold Reserve"). Under the settlement, an order will be
obtained from the Ontario Superior Court of Justice dismissing the
legal action brought by Gold Reserve against Rusoro, and the
counterclaim brought by Rusoro against Gold Reserve. Rusoro
has agreed to pay Gold Reserve $250,000, issue Gold Reserve 2,500,000 common
shares at a deemed value of $0.10 per
share and issue Gold Reserve a conditional promissory note in the
amount of $1,000,000. The
promissory note will only become due and payable in the event that
Rusoro is successful in the litigation it has commenced against the
Venezuelan Government seeking compensation for the nationalization
of Rusoro's gold assets in Venezuela. The issuance of the common
shares is subject to acceptance for filing by the TSXV.
ON BEHALF OF THE BOARD
"Andre Agapov"
Andre Agapov,
President & CEO
Forward-looking statements:
This document contains statements about
expected or anticipated future events and financial results that
are forward-looking in nature and as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, the regulatory process and actions,
technical issues, new legislation, competitive and general economic
factors and conditions, the uncertainties resulting from potential
delays or changes in plans, the occurrence of unexpected events,
and the Company's capability to execute and implement its future
plans. Actual results may differ materially from those projected by
management. For such statements, we claim the safe harbour for
forward-looking statements within the meaning of the Private
Securities Legislation Reform Act of 1995.
"Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release."
SOURCE Rusoro Mining Ltd.