Eco Oro receives notice of legal proceedings

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[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Feb. 4, 2013 /CNW/ - Eco Oro Minerals Corp. (\"Eco Oro\" or the \"Company\") (TSX: EOM) reports that the Company has been served with notice of legal\n proceedings in the Eighth Civil Circuit Court of the City of\n Bucaramanga filed by Sociedad Mina Los Diamantes Ltda. and Crisanto\n Peña Gelvez (the \"Claimants\"), which proceedings the Company believes\n to be spurious and entirely without merit. The Claimants are seeking\n the annulment of an assignment and sale agreement (the \"Agreement\")\n entered into in 1994 by the Claimants and the Company pursuant to which\n the Company acquired mining permit 3452 (the \"Permit\") from the\n Claimants, who retained net profits royalties.\n\n\nThe Permit, covering an area of 250 hectares, was converted into\n integrated concession contract 3452 (the \"Concession\"), covering an\n area of 5,254 hectares, with the Colombian Government and registered in\n the National Mining Register in 2007. A significant portion of the\n Angostura deposit, however, is covered by the original area of the\n Permit. The Concession, which incorporated the Permit and several other\n mineral tenures, is fully registered in the name of the Company.\n\n\nAfter reviewing the Claimants' allegations with its legal advisors, the\n Company believes the claims to be without merit and will vigorously\n contest them. Eco Oro will file its defense in due course and will\n initiate a claim for damages and for costs against the Claimants. The\n Claimants allege that not all formalities were observed at the time the\n Agreement was entered into and that the Agreement should be annulled on\n that basis. The Company is of the view that no deficiencies existed and\n had they existed would have been ratified by the conduct of the parties\n and the Colombian Government, including by the Colombian Ministry of\n Mines by perfecting the assignment of the Permit in 1996 by\n administrative act, and that, in any event, the statute of limitations\n can be invoked to reject the claims. Furthermore, the Agreement\n requires any dispute raised by the Claimants to be settled by way of\n arbitration and not the courts.\n\n\nThese legal proceedings will not have any impact on the Company's\n current activities.\n\n\nCompany Profile\n\n\nEco Oro Minerals Corp. is a publicly-traded precious metals exploration\n an...

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