Globe Newswire | 15 July 2021
Winshear seeks C$124,781,945 in damages from Tanzania
Winshear Gold Corp. (TSX-V: WINS) (“Winshear” or the “Company”) reports that it has filed its Memorial with ICSID (The International Centre for Settlement of Investment Disputes), a part of the World Bank group, outlining the nature and quantum of its claims against Tanzania for the expropriation of the Company’s retention licences over the SMP Gold Project, located in SW Tanzania. Tanzania’s expropriation of the SMP Gold Project breached its obligations under the 2013 Tanzania-Canada Bilateral Investment Treaty (the “BIT”).
The Memorial provides the basis for compensation to Winshear in the amount of C$124,781,945, including interest which continues to accrue. The Company retained Ms Vikki Wall of Haberman Illett, now part of the Kroll group of companies, as its quantum expert to quantify the claim. LALIVE is representing Winshear in the arbitration process. On December 7, 2020, litigation funding was secured from Delta Capital Partners Management LLC.
Richard Williams, CEO of Winshear, commented, “Establishing C$124,781,945 as compensation for Tanzania’s expropriation of the SMP Gold Project is a very important milestone for Winshear. Tanzania’s actions have rendered valueless years of investment in the country. We have made every attempt to work with the Tanzanian Government to reach an amicable settlement since they cancelled our retention licences but they have provided us no choice but to pursue the legal route.”
Readers are cautioned that there is no guarantee of a positive outcome in favour of the Company.
About Winshear Gold Corp
Winshear Gold Corp. is a Canadian-based minerals exploration company that is currently 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; Winshear is investigating the project for potential to host significant volumes of potentially minable gold resource.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard Williams, CEO
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