NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: WORLD WIDE MINERALS LTD.
TSE SYMBOL: WWS
AUGUST 5, 1999
World Wide Minerals Ltd.: U.S. House Of Representatives
Passes Bill That Links U.S. Financial Assistance To
Settling Trade Disputes
WASHINGTON, D.C.--World Wide Minerals Ltd. (TSE: WWS) announced
today that the United States House of Representatives had passed
Bill HR 1152, the Silk Road Strategy Act of 1999. The Bill as
passed, which still requires Senate and Presidential approvals,
makes a "Silk Road" country ( Kazakhstan and other central Asian
countries) ineligible for U.S. assistance unless it has
demonstrated "significant progress" in resolving trade disputes
registered with and raised by the U.S. Embassy in the host
country. World Wide has registered its dispute with the U.S.
Embassy in Kazakhstan and the U.S. Embassy has intervened on its
behalf.
The Silk Road Bill is intended to promote free market policies in
Central Asia and to encourage foreign investment and trade in
those countries. In sponsoring the Bill in the House, Rep. Dan
Burton (R. Indiana) supported these goals but pointed out that
"... many companies from OECD countries, including the United
States, have substantial direct investments in several of [these
countries] and are not being accorded fair treatment. Investment
contracts are not being honored, export permits are not being
issued and de facto nationalizations of foreign investment have
occurred." Rep. Burton further added that "this Bill should send
a strong signal that countries should not expect to receive U.S.
assistance if they mistreat companies that provide critical
investment capital ..." This position was supported by a majority
of the Congressmen who voted for the Bill, including Rep. Tom
Lantos (D. California) who is the ranking Democratic member of the
Asia Subcommittee of the International Relations Committee of the
House. Clearly, there was strong bi-partisan support for the Bill
in the U.S. House of Representatives.
Paul Carroll, Chairman, President and CEO of World Wide, said "we
are very gratified with the support we have received from the U.S.
Government in our efforts to recoup our Kazakhstan investment. We
believe that passage of this Bill is a significant step in the
right direction. At a time when Kazakhstan is actively seeking
economic assistance from the U.S., American companies and
multi-lateral agencies influenced by the U.S., this legislative
action should send a strong message that all foreign investors
must be treated fairly."
World Wide is an international resource company whose businesses
consist of the operation, development, production and marketing of
uranium and uranium products based out of Denver and gold
exploration and development based out of Toronto and Beijing.
|
