Algamarca Refutes Sulliden Press Release And Accurately States Facts
Thursday May 31, 11:09 am ET
biz.yahoo.com
LIMA, Peru, May 31 /CNW/ - Compania Minera Algamarca S.A. (Algamarca) today refuted claims made today by Sulliden Exploration Inc. that there has been any progress in their favor in the ongoing litigation in Peru.
Algamarca denies that the Superior Court of Cajamarca dismissed legal actions taken by Algamarca regarding the status of the registration of the Shahuindo mining concessions (File No. 111-2006). In fact, the Superior Court of Cajamarca merely declared itself incompetent to hear the matter for reasons of jurisdiction and therefore remanded the matter to the Attorney General located in Lima. Algamarca has appealed this position taken by the Superior Court of Cajamarca to the Constitutional Court of Peru since the Court erroneously relied on new legislation regarding jurisdiction introduced following the initiation of the original legal proceeding. Notwithstanding such appeal by Algamarca, remanding the matter to the courts in Lima would not affect the position of Algamarca in this litigation and Algamarca remains very confident of a positive outcome in any hearing on the merits of this matter.
Algamarca similarly denies that the Supreme Court of Peru rendered any judgment regarding the procedural remedies subject of File No. 169-2006. Inversiones Sudamericanas withdrew File No. 169-2006 in favour of proceeding with File No. 008-2006 in the Superior Court of Humachuco. .
There remain more than 15 open legal proceedings relating to the Shahuindo Project. Sulliden's statement that only "one ...(legal proceeding)... remains outstanding" is simply incorrect. Other specific misrepresentations by Sulliden include the following:
Sulliden Statement: "Algamarca legal actions dismissed - Supreme court
upholds Sulliden appeal."
Actual Status: The Supreme Court of Peru has neither heard nor
ruled on any matter referenced in Sulliden's press
release. The Supreme Court of Peru did remand File
No. 3146-2006 to the Superior Court of Cajamarca
for resolution and it agreed to hear File No.169-
2006 but no trial date has been set.
Sulliden Statement: "The Superior Court of Cajamarca rejected
Algamarca's petition (Accion de Amparao) by
Resolution dated April 23, 2007 (File No. 111-
2006)."
Actual Status: The Superior Court of Cajamarca merely declared
itself incompetent to hear the matter, a position
being appealed by Algamarca on the basis of the
erroneous application of a new rule enacted
subsequent to the filing of the original petition.
Copies of the relevant court documents will be posted on Century's website (www.centurymining.com) as of May 31, 2007.
As previously stated, after a thorough legal review completed by the Company and its advisors, and a review of the history of the dispute that has surrounded the title to the Shahuindo mining project, Century believes that the companies it purchased (see separate press release issued on May 16, 2007) were the rightful owners of the properties and associated surface rights and that Sulliden's case is without merit.
Margaret Kent, President & CEO of Century, commented, "Today Sulliden issued statements implying that Sulliden was successful in parts of the Shahuindo litigation. That would be a clear misrepresentation of the facts. No issues of substance were decided by any court in the matters referenced in Sulliden's press release. Furthermore, the decision of the Supreme Court to uphold the injunction on registering surface rights in Sulliden's name cannot be challenged. Substantive legal matters are still pending and we are very confident that the courts in Peru will rule in favor of Algamarca, thereby confirming Century's South American subsidiaries as the rightful owners of the Shahuindo property. While we are hopeful for a quick resolution to this dispute, future appeal processes may take several years to complete."
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this press
release.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in gold and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks.
For further information
Brent Jones, Manager of Investor Relations, Century Mining Corporation, E-mail: bjones@centurymining.com, Phone: (877) 284-6535 or (360) 332-4653, Fax: (360) 332-4652, Website: www.centurymining.com
Source: Century Mining Corporation; Compania Minera Algamarca S.A. |
