8 Dec 2015 07:00
8 December 2015
Aureus Mining Inc.
TSX : AUE
AIM : AUE
AUREUS RECEIVES REQUEST FOR ARBITRATION
Aureus Mining Inc. (TSX: AUE / AIM: AUE) ("Aureus" or the "Company") announces that it has received a request for arbitration from International Construction & Engineering (Seychelles) ("ICE") with respect to ICE's contract to carry out civil and earth works at Aureus' New Liberty Gold Mine.
ICE's contract was terminated in August 2014, having taken the appropriate legal advice, when the works were approximately 60-70% completed. The earthworks were completed by directly engaged labour and contractors supervised by the project's construction management contractor, DRA Projects (PTY) LTD.
The Company strongly believes that the request is frivolous, without merit and opportunistic. Although the Company has not received sufficient details to substantiate ICE's claim, based upon a review of the contents of the request and the relevant facts, Aureus' management believes that no material amount will be found payable to ICE. Aureus intends to vigorously defend itself against the claims made by ICE and believes that this disclosure of such request will facilitate the timely conclusion of this matter. The Company also confirms that this request will have no impact on its operations at New Liberty.
Contact Information
Aureus Mining Inc. David Reading / Paul Thomson Tel: +44(0) 20 7010 7690
| Buchanan Bobby Morse / Anna Michniewicz Tel: +44(0) 20 7466 5000 |
Numis Securities Limited (Nominated Adviser and Joint Broker) John Prior / James Black / Paul Gillam Tel: +44(0) 20 7260 1000
| GMP Securities Europe LLP (Joint Broker) Richard Greenfield Tel: +44(0) 20 7647 2800 |
Forward Looking Statements
Certain information contained in this News Release constitutes forward looking information. This information may relate to future events or the Company's future performance. All information other than information of historical fact is forward looking information. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "predict" and "potential" and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. Such forward looking information includes, among other things, statements or information relating to: the Company's defence of the claim made by ICE and the amount that may be payable to ICE.
Actual results could differ materially from those anticipated in the forward looking information contained in this news release as a result of risks associated with how the arbitrator may rule, the possibility of settlement, the ability of the Company to successfully defend itself, the establishment of other facts respecting ICE's claims that may increase Aureus's estimated or actual liability to ICE and future unforeseen events.
The forward looking information included in this News Release is expressly qualified by this cautionary statement and is made as of the date of this News Release. The Company does not undertake any obligation to publicly update or revise any forward looking information except as required by applicable securities laws.