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Infinito Gold Ltd files request for arbitration

Monday, 10 Feb 2014 08:00am EST 

Infinito Gold Ltd:Says it has filed a request for arbitration under the Arbitration Rules of the International Centre for Settlement of Investment Disputes against the Republic of Costa Rica (Republic).Seeking compensation for losses caused to the company and to its Costa Rican subsidiary, Industrias Infinito S.A. (Industrias Infinito), resulting from Costa Rica's violations of the agreement between the Government of Canada and the Government of the Republic of Costa Rica.For the promotion and protection of investments (Canada-Costa Rica Treaty) in regard to the company and its investments in Costa Rica relating to the Crucitas project.Says the filing of the request for arbitration follows notice the company provided to the Republic in Apr. 2013 and July 2013 that it considered the Republic to be in breach of provisions of the Canada-Costa Rica Treaty and inviting the Republic to settle the dispute amicably.Says it remains hopeful that, despite its having to take the next procedural step of filing the Request for Arbitration, the dispute can still be amicably settled.Says in its request for arbitration, it is seeking to be compensated for expenditures made beginning in 1993 to develop and build a gold mine at Crucitas.Says furthermore, it is disappointed that this dispute has not yet been amicably resolved and hopes that the matter can be settled without the need for the arbitral process to proceed. 

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26 Nov 2014