ENP Newswire - 09 May 2014
Release date- 08052014 - Phoenix, AZ - Tombstone Exploration Corporation (OTCQB: TMBXF) and Eurogas Inc. and Eurogas AG announced today that one of the largest Chartered Accounting firms in the world has provided EuroGas Inc. recently with an updated calculation of EuroGas' lost sales from the huge Gemerska Poloma talc mine in the amount of approximately $3.2 billion USD.
The Gemerska Poloma talc mine was previously owned by EuroGas' Slovak mining arm Rozmin s.r.o. until December 2004 when Rozmin's mining rights were illegally expropriated by the Slovak Republic. EuroGas Inc. is currently seeking full compensation of its losses for the illegal expropriation by the Slovak Republic in International Arbitration proceedings at the World Bank's ICSID tribunal in Washington D.C.The Slovak Republic is a full Member of the European Union.
Shortly after Eurogas had informed the Slovak Republic about the new updated loss of sales figures from its previously owned Gemerska Poloma talc mine, a high ranking delegation of the Slovak Republic, under the leadership of the State Secretary of the Slovak Republic, met with Eurogas and its legal representatives at the Slovak Embassy in Vienna. After the meeting, Eurogas' legal representative reported to the Press that the meeting had been constructive and that there will be another round of negotiations.
Wolfgang Rauball, Chairman & CEO of EuroGas Inc. and EuroGas AG stated, 'On the basis alone of two unappealable Final Judgements by the Supreme Court of the Slovak Republic in 2008 and 2011 in favor of EuroGas' subsidiary Rozmin, the Slovakian Ministry of Economy's Mining Authorities are obliged, under European Union law, to restore the original legal situation as it existed at the end of 2004. However, this has not happened to date.
Our own evidence and new testimony shows clearly how our subsidiary, Rozmin, was illegally dispossessed of its mining rights at Gemerska Poloma, It was the result of extremely serious corruption attempts involving members of the Slovakian Government at the highest level. We will disclose our evidence and we will produce witnesses and testimony at the upcoming International Arbitration proceedings before the World Bank Tribunal.'
In January 2014, Tombstone Exploration Corporation had been assigned by EuroGas Inc., a large shareholder in Tombstone Exploration Corporation, a direct 20% Entitlement in any settlement or Final Award from EuroGas' Arbitration proceedings against the Slovak Republic, along with a 26% direct ownership in Eurogas AG, which is the controlling shareholder of Rozmin s.r.o., the previous owner of the mining rights to the huge Germerska Poloma talc-soapstone orebody in the Slovak Republic.
The Gemerska Poloma talc-soapstone ore body is located near Roznava, Slovak Republic and ranks amongst the largest and purest of its kind in the world. Independent geological experts have publicly estimated the value of the Gemerska Poloma ore body to be in the several billion-dollar range with a mine life of 80 to 100 years.
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release.
Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Tombstone Exploration Corporation's ability to obtain additional financing.
Tombstone Exploration Corporation undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Tombstone Exploration Corporation's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Tombstone Exploration Corporation's success are more fully disclosed in Tombstone Exploration Corporation's most recent public filings with the U.S. Securities and Exchange Commission.
Alan M. Brown
Tombstone Exploration Corporation