UPDATE: Rusoro Mining Edges Up As Submits US$3 Billion Arbitration Claim Against Venezuela

Rusoro Mining Ltd. (RML.V) announced it has filed the Statement of Claim in its US$3 billion arbitration against the Bolivarian Republic of Venezuela before the World Bank's International Centre for Settlement of Investment Disputes, in accordance with the provisions of the Canada-Venezuela Bilateral Investment Treaty.

Rusoro's claims allege violations by Venezuela of several guarantees of the Canada-Venezuela BIT, including by expropriating its investments in Venezuela without adequate compensation, by failing to accord to its investments fair and equitable treatment and full protection and security; and by failing to guarantee Rusoro the unrestricted transfer of its investments and returns in Venezuela.

Based on a March 15, 2013 valuation performed by an independent expert, Rusoro seeks compensation for all of its losses caused by Venezuela's breaches of the BIT for the amount of US$3.03 billion.

Andre Agapov, President & CEO, said: "The filing of the Statement of Claim represents a significant milestone in the arbitration process and we firmly believe in our case and the pursuit of fair-value compensation for the loss of our significant investment in Venezuela."