\”We look forward to proceeding to the merits portion of the arbitration case to recover the value of the El Dorado asset,\” states Tom Shrake, President and CEO. \”We are very confident in the merits of this case. The fact that it will proceed under the Investment Law alone rather than under both sets of trade rules has no impact on the case. What is relevant is the fact that we will continue to protect our company\’s rights with ICSID, at the World Bank. It is our hope the Government of El Salvador will put an end to this dispute and put her people and our industry back to work. Every mining concession in El Salvador has been expropriated resulting in the loss of jobs, tax revenues and stability, as well as Salvador\’s standing in the foreign investment community.\”
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We acknowledge the [financial] support of the Government of Canada.