SOURCE: EURO Ressources

November 27, 2008 16:23 ET

EURO Ressources : EURO WINS ARBITRATION AGAINST IAMGOLD

PARIS--(Marketwire - November 27, 2008) - EURO Ressources S.A. (TSX: EUR; Euronext of the Bourse de Paris: EUR) reports that the arbitrator has rendered a decision in the arbitration for EURO and against IAMGOLD Corporation, arising from IAMGOLD's decision to deduct certain "Excess Royalty" amounts from the Rosebel Royalty payments. The decision at this time deals with the almost $1 million deducted by IAMGOLD which must now be paid.

James H. Dunnett, Directeur-Général of EURO said: "EURO is pleased by the favourable result of the arbitration. Management has always considered that IAMGOLD's actions were without any basis under the Rosebel Royalty Participation Right Agreement. The arbitrator has found entirely for EURO."

The results of this award will not impact the financial results of EURO since the full amount of the deductions has been included in income at the time such amounts were due.

About EURO

EURO is a French company, focused on owning royalties and similar interests on operating gold mines. EURO also holds certain gold mineral rights in French Guiana including Paul Isnard which comprises 8 concessions and a PER over 140 sq. km. EURO has approximately 60.6 million shares outstanding.

Statements Regarding Forward-Looking Information: Some statements in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties. There can be no assurance that future developments affecting the Company will be those anticipated by management. Forward-looking statements include, but are not limited to, the expected date for payment of the amounts withheld by IAMGOLD Corporation which were the subject of the arbitration.

Not for distribution to United States newswire services or for dissemination in the United States. The securities referred to herein have not been registered under the US Securities Act of 1933 and may not be offered or sold in the United States or to a US person absent registration or an applicable exemption from registration.

Additional information relating to EURO Ressources S.A. is available under EURO's profile on SEDAR at www.sedar.com. Requests for further information should be addressed to:

This information is provided by HUGIN

Contact Information

  • Contact:

    James H. Dunnett
    Directeur-Général
    Tél.: +1 604 710 2242
    Email : Email Contact

    Susanne A. Hermans
    Vice-President Finance
    Tél.: +1 303 204 7771
    Email : Email Contact