NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE
FOR : World Wide Minerals Ltd.
May 14, 2001
World Wide Minerals: Federal Court Of Appeals Sets Hearing Date In $1.0 Billion Lawsuit
WASHINGTON, DISTRICT OF COLUMBIA--World Wide Minerals Ltd. and its subsidiary, Nuclear Fuel
Resources Corporation, announced today that the Federal Court of Appeals in Washington, D.C. had
scheduled a hearing for oral argument of their appeal. The hearing will be held on Thursday,
November 8, 2001. The appeal panel selected to hear the Company's appeal consists of Judges
Ginsburg, Rogers and Garland of the D.C. Circuit. This action followed the earlier rejection by
the Court of the attempt by the Kazakhstan government and its entities to dismiss the Company's
$1.0 billion lawsuit.
After World Wide and Nuclear Fuel Resources had filed an appeal against a lower Court decision,
the defendants had attempted to have the Court of Appeals rule that the appeal was not well
founded in law and should be dismissed. The Court of Appeals rejected that assertion on the basis
that it was "not so clear" to the Court that the defendants would win the appeal. Accordingly,
the Court of Appeals set the fixed hearing date and ordered the parties to prepare formal briefs
and to proceed with the appeal.
Paul Carroll, Chairman of World Wide, stated "This decision of the Court of Appeals is good news
for World Wide. Finally, we are seeing some action and we will get our day in Court. In our
case, the Kazakhstan government induced us to invest tens of millions of dollars in its uranium
industry and then would not honor its agreement with us. Allegedly, they had a secret agreement
with Nukem, Inc. that prevented the government from honoring its commitments to World Wide. When
this was disclosed to us afterwards, Kazakhstan merely terminated our agreement and threw us out
without any compensation. Can you imagine if the same thing happened to the big oil companies
that already have invested billions of dollars in Kazakhstan?" |
