Samco Gold Limited
TSX VENTURE : SGA

Samco Gold Limited

March 04, 2015 16:14 ET

Quantum of Damages Payable by Yamana Gold's Subsidiary to Be Re-Considered

TORONTO, ONTARIO--(Marketwired - March 4, 2015) - Samco Gold Limited (TSX VENTURE:SGA) ("Samco" or the "Company") provides the following clarification and update as to the status of the breach of contract judgment against Northern Orion Resources Inc. (now named 0805346 B.C. Ltd. and owned by Yamana Gold Inc.) in Argentina.

  • The Argentinean Commercial Court of Appeal's judgment of May 22, 2013 (the "Judgment") for breach of contract against Yamana's subsidiary and the subsequent rejection by the Supreme Court of a request to appeal means that the Judgment is final and binding.

  • The only outstanding issue to be determined is the quantification of the damages payable pursuant to the Judgment.

  • The Argentinean lower court has annulled the expert arbitrator's calculation of damages as announced by the Company on January 2, 2015 and January 8, 2015, resulting in the quantum of damages having to be re-considered.

  • The Company will continue to provide updates to the market as the quantification of damages payable progresses.

The decision of the court annulling the award of the expert arbitrator in Spanish together with a certified English translation thereof will be filed by the Company on SEDAR, and will be accessible at www.sedar.com.

Further details of the Judgment and the Company's participation agreement related thereto are found in the Company's press releases dated October 29, 2014, February 11, 2014 and January 10, 2014. The Participation Agreement and an English translation of the Judgment were publicly filed by Samco on www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Samco Gold Limited
    Charles Koppel
    Executive Chairman and Chief Executive Officer
    +44 (0) 20 7647 2532
    ck@samcogold.com

    Bell Pottinger
    Daniel Thole
    Financial Communications
    +44 (0) 20 3772 2555

    Bell Pottinger
    Marianna Bowes
    Financial Communications
    +44 (0) 20 3772 2555