I took my loss months ago, but still disappointed to hear this newz....
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Argosy Minerals Inc: Burundi Arbitration
Fri Mar 27, 1:12 PM
http://ca.news.finance.yahoo.com/s/27032009/28/link-f-ccnmatthews-argosy-minerals-inc-burundi-arbitration.html
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - Argosy Minerals Inc ("Argosy") (ASX: AGY.AX) has learned that the Government of Burundi awarded a three year exploration license over the Musongati, Nyabikere and Wagga deposits to a third party. Consequently, its subsidiary Andover Resources NL ("Andover") has decided to discontinue the arbitration proceedings it commenced under the Rules of the International Chamber of Commerce in Paris against the Government of Burundi. These proceedings were launched with the aim of securing Andover's right to proceed with exploration of these deposits.
Argosy considers that the Burundian government's decision is against the spirit of the arbitral proceedings: it effectively forecloses one of the principal heads of relief sought, being a declaration that Andover's license in respect of these deposits was in full force and effect. At the same time, the conduct of the Burundian government confirmed longstanding suspicions that the Government of Burundi was unlikely to honour an arbitral award of damages, if Andover were to win this head of claim.
Furthermore, with the deteriorating world economic climate and, in particular, the dramatic fall in the price of nickel as well as the recent closure of the Ravensthorpe Nickel Project in Australia, the Musongati project is likely totally uneconomic and incapable of being fulfilled at this time. In this context, the inevitable conclusion was that it would not be sensible or profitable to continue with the arbitration at this time.
The Directors of Argosy have, for some considerable period of time, been actively pursuing other opportunities and will continue to do so, well aware of the risk profile of these opportunities as and when they arise.
ON BEHALF OF THE BOARD
Peter Lloyd, Chief Executive Officer
[EDIT]
Contacts
Peter H Lloyd
Argosy Minerals Inc
CEO
61-8-9474-4178
Email: [email protected]
Cecil R Bond
Argosy Minerals Inc
Director
(604) 418-5411
Website: www.argosyminerals.com
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