Rusoro Mining Ltd.
Rusoro Mining Ltd.

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Rusoro Mining Ltd. Rusoro Mining Ltd.

Rusoro Mining News


 June 15, 2012
Rusoro Reports Closing of Arbitration Costs Financing

 Vancouver, Canada - Rusoro Mining Ltd. ("Rusoro" or "the Company")

Rusoro is pleased to announce that on June 15, 2012 it entered into a litigation funding agreement with a subsidiary (the "Funder"), of the Calunius Litigation Risk Fund LP (the "Fund"). Calunius Capital LLP is the exclusive investment advisor to the Fund which specializes in funding commercial litigation and arbitration claims. Calunius Capital LLP is authorized and regulated by the Financial Services Authority of the United Kingdom as an investment adviser. ClaimTrading Limited acted as broker in the transaction.

Under the terms of the litigation funding agreement, the Funder has agreed to assist in the funding of Rusoro's legal costs in relation to the international arbitration proceedings against the Republic of Venezuela (the "Respondent") on a non-recourse basis.

Rusoro will continue to have complete control over the conduct of the international arbitration proceedings, insofar as the proceedings relate to the Company's claims, and continues to have the right to settle with the Respondent, discontinue proceedings, pursue the proceedings to trial and take any action Rusoro considers appropriate to enforce judgment.

Under the terms of the privileged litigation funding agreement, the Company has given certain warranties and covenants to the Funder. In consideration for the provision of arbitration financing, Rusoro has agreed to pay to the Funder a portion of any final settlement of the arbitration claim against the Respondent (the "Funder's Fee"). The Funder's Fee shall only become payable upon a final settlement of the arbitration claim and the value of the Funder's Fee is dependent upon a number of variables including the value of any settlement and the length of time taken to reach a settlement. The agreement also provides that the amount of the Funder's Fee shall not exceed the amount of the aggregate proceeds of the arbitration claim under any circumstances.

Details of the background to the Company's dispute with the Respondent can be found in the Company's audited consolidated financial statements and management discussion and analysis for the year ended December 31, 2011 as well as in the Company's news releases dated April 30, 2012 and March 14, 2012 which can be all found on www.sedar.com or on the Company's website www.rusoro.com.

ON BEHALF OF THE BOARD

"Andre Agapov"

Andre Agapov, President & CEO


Contact details:

Rusoro Mining Ltd
Andre Agapov,
Chief Executive Officer and Director
Tel. +1 604 632 4044

ClaimTrading Limited
Maddi Azpiroz,
Managing Director
Tel. +44 20 71937301


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."
 
 

You can view the Next News Releases item: Tue Jul 17, 2012, Rusoro Files International Arbitration Against the Venezuelan Government

You can view the Previous News Releases item: Mon Apr 30, 2012, Rusoro Reports 2011 Financial Results and Provides Update on the Nationalization of its Mining Assets

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