ENP Newswire -
Release date- 12022014 -
As previously disclosed,
As all necessary approvals have been obtained, and with the board's endorsement,
Details are found in the Company's press release dated
The Company has been advised that on
An initial extraordinary motion filed by Northern Orion/Yamana with the
Regarding the methodology to be followed by the expert in quantifying the damages, the Judgment provides certain guidance, including the following (excerpt from certified translation of the Judgment, with name of the defendant added in square brackets): 'To sum up, the expert, in order to estimate the amount of damages, shall take the total dividends that the defendant [Northern Orion/Yamana] has actually collected on its 12.5% interest in 'Minera la Alumbrera' as well as the value of future dividends, which shall be determined by making a projection of the average of the three last accounting periods with respect to the time pending exploitation.
The expert shall complete his report applying a risk rate and a discount rate; he shall assess the administrative expenses that must have been incurred in collecting the dividends; he shall consider that the plaintiff's interest in the business was 50% and that the damages for loss of chance were set at 15% (fifteen percent).' The Company will continue to monitor the proceedings in
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FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements which can be identified by the use of words 'will', 'expects', 'believe', 'potential', 'anticipated', 'goal', and phrases or statements that certain actions, events or results 'may', 'would', or 'will' be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, assumptions, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements.
Such factors include, among others, any reversal or modification of the Judgment; the monetary value of the damages under the Judgment as determined by an expert arbitrator; the ability and timing to effect enforcement the Judgment; changes in EDM project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in
In developing the forward looking statements herein the Company has assumed the regular functioning of the judicial system in
Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend, and does not assume any obligations, to update forward looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws.
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