|By Marketwired .||
|June 12, 2014 06:00 PM EDT||
EDMONTON, ALBERTA -- (Marketwired) -- 06/12/14 -- Brilliant Resources Inc. (TSX VENTURE:BLT) (the "Company" or "Brilliant") announces that, through its wholly-owned subsidiary, Ivory Resources Inc., it has submitted a Request for Arbitration against the Republic of Equatorial Guinea pursuant to the rules of arbitration of the International Chamber of Commerce and the air transported geophysical exploration services agreement between Ivory and the government of Equatorial Guinea (the "Exploration Services Agreement").
The arbitration has been commenced following the failure of the government of Equatorial Guinea to comply with the terms of the Exploration Services Agreement. As previously disclosed, the government of Equatorial Guinea has confirmed that Ivory Resources has met its obligations under the Exploration Services Agreement by performing an aerial survey of the Rio Muni area of Equatorial Guinea, interpreting the geological results and carrying out related technical work (including a six week field program to validate the results of the survey). Having met its obligations under the Exploration Services Agreement, Ivory Resources is entitled to mining exploration concessions, chosen by it, covering 15% of the Rio Muni area of the country. In addition, the survey results and related data, as well as the location of the selected concessions, remain subject to the confidentiality provisions of the Exploration Services Agreement. Notwithstanding the Company's repeated good faith attempts to work with the government of Equatorial Guinea to secure the mining contracts and concessions to which Ivory Resources is legally entitled, the government, in breach of its obligations, has failed to provide the selected concessions or to provide the Company with compensation in lieu thereof.
Pursuant to the arbitration, Ivory Resources seeks damages, in the amount of US$80 million, for breach of the terms of the Exploration Services Agreement by the government of Equatorial Guinea.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the ability of the Company to enforce its rights under the Exploration Services Agreement pursuant to the arbitration. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Brilliant in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Brilliant's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and, accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include, but are not limited to, failure to achieve the desired result in the arbitration; the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Brilliant disclaims any obligation to update or revise any forward-looking information or statements except as may be required by applicable law.