Winshear and United Republic of Tanzania Conclude US$30 Million Settlement Agreement
VANCOUVER, British Columbia, Oct. 16, 2023 (GLOBE NEWSWIRE) — Winshear Gold Corp. (TSXV: WINS) (‘Winshear’, the ‘Company’, or the ‘Claimant’) reports that it has successfully concluded the settlement agreement with the United Republic of Tanzania (“Tanzania”) (collectively the “Parties”) in relation to its dispute regarding the Company’s SMP Gold Project.
The Parties agreed on an amount of US$30,000,000 to settle the case and terminate the arbitration proceedings. Funds were received by the Company today, October 16th, 2023. After payment of funding and legal costs, the net amount to Winshear is approximately C$25,275,000 (US$18,500,000).
Richard Williams, CEO of Winshear Gold, commented, “This settlement is good for both Tanzania and Winshear and we are pleased to reach a mutually acceptable conclusion to this matter. It is time for both Parties to move on and we wish Tanzania success in attracting new investment. The Company sincerely thanks our legal team, Lalive, for their work in preparing and presenting our case.”
The Company will look at various options available to it before deciding on what to do with the funds and will announce a decision in due course.
About Winshear Gold Corp.
Winshear Gold Corp. is a Canadian-based minerals exploration company advancing the Gaban Gold Project in the Puno region of Peru. Gaban is a possible hard-rock source for the modern-day alluvial gold rush underway in the Madre de Dios basin downstream.
For more information, please contact Irene Dorsman at +1 (604) 200 7874 or visit www.winshear.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard Williams, CEO
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Cautions Regarding Forward-Looking Statements
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements and contain forward-looking information.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the risks normally associated with arbitration cases. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
