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The Canadian Press - ONLINE EDITION

Arbitration body sides with Venezuela in dispute with Canadian company

By: The Associated Press

Posted: 01/17/2013 11:13 PM | Comments: 0

CARACAS, Venezuela - An international arbitration body has dismissed the claims of a Canadian mining company in a dispute with Venezuela over investments in a gold mine in the country.

Venezuelan Attorney General Cilia Flores announced Thursday that the Washington-based International Centre for Settlement of Investment Disputes dismissed the claims brought by Vannessa Ventures Ltd.

The company is now known as Infinito Gold Ltd (TSX:V.IG).

The dispute related to the Las Cristinas gold mine in southeastern Venezuela and began in 2004 after the government withdrew mining rights under concessions that had been granted previously.

The Calgary-based company said in a statement that in Wednesday's ruling the arbitral tribunal "dismissed all of the claims brought against Venezuela including recovery of costs and lost profits."

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