PHOENIX, AZ--(Marketwired - Jan 14, 2014) - Tombstone Exploration Corporation (OTCQB: TMBXF) (BERLIN: UDNA) announced today the receipt of an entitlement of a 20% direct interest in EuroGas Inc.'s ("EuroGas") potential award from EuroGas' pending damage lawsuit against the Slovak Republic. This is in addition to the direct 26% interest in EuroGas AG of Zurich, Switzerland, an international Natural Resources Holding Company, as announced on December 10, 2013.
In an Addendum Agreement to the December 10, 2013 'Stock-For-Stock Exchange Agreement,' EuroGas has now also agreed to an assignment of a direct 20% interest of EuroGas' large damage claim against the Slovak Republic to TMBXF, subject only to EuroGas' own legal fees and total financing charges in connection with the legal proceedings of EuroGas' damage lawsuit against the Slovak Republic. Tombstone is not required to extend any additional benefit to EuroGas for this entitlement.
The entire legal costs of EuroGas' Arbitration proceedings against the Slovak Republic are fully funded by a large Luxembourg based European Investment Fund. On October 26, 2012, EuroGas had entered into a Financing Agreement with the European Investment Fund, which has undertaken to finance the entire legal costs of EuroGas' Arbitration proceedings against the Slovak Republic in consideration for profit participation.
On December 23, 2013 EuroGas Inc., the controlling shareholder of TMBXF, has served the President of the Slovak Republic, a Sovereign European State and Full Member of the European Union, with a Final "Notice of Dispute" to commence legal proceedings against the Slovak Republic after January 31, 2014 before an International Arbitration Court of the World Bank (ICSID) in Washington D.C., under the Bilateral Investment Treaty (BIT) between the United States of America and the Slovak Republic, claiming substantial monetary losses incurred by EuroGas for damages resulting from a 2004 illegal expropriation by the Slovak Republic of mining rights to the huge Gemerska Poloma talc-soapstone ore body previously owned by Rozmin s.r.o., a Slovak subsidiary of EuroGas.
In addition to the President of the Slovak Republic, the legal documents were simultaneously served on Dec. 23, 2013 also on the Prime Minister, the Minister of Finance, the Minister of Economy and the President of the Main Mining Administration Office of 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.
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.