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Goldgroup Announces Favorable Ruling in the Arbitration Against Dyna USA, Inc, and Provides a Legal Update
Goldgroup Announces Favorable Ruling in the Arbitration Against Dyna USA, Inc, and Provide...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\n\nGoldgroup Announces Favorable Ruling in the Arbitration Against Dyna USA, Inc, and Provides a Legal Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGoldgroup Announces Favorable Ruling in the Arbitration Against Dyna USA, Inc, and Provides a Legal Update\nCanada NewsWire\nVANCOUVER, Aug. 31, 2016\n\n\n\nVANCOUVER, Aug. 31, 2016 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\" or the \"Company\") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce the favorable results and award (\"Award\") from the conclusion of the arbitration (\"Arbitration\") between Goldgroup and Dyna USA, Inc. (\"DynaUSA\"). The results and Award were issued by the American Arbitration Association – International Centre for Dispute Resolution (\"Arbitrator\" or \"ICDR\") on August 24, 2016. This Award is final, binding and may be enforced in court. A copy of the Award has been filed on SEDAR and posted to our website.\n\nhttps://www.goldgroupmining.com/assets/docs/news/2016-08-24-icdr-award.pdf\n\nIn addition, the Company would like to respond to DynaUSA's legal claims on its recent press release dated August 24, 2016. \n\nResults and Award from Arbitration \n\nUnder Article 78 of the Mexican Commercial Code:  \"In mercantile agreements, each party assumes his obligation in the manner and terms he has chosen; the validity of the commercial transaction depends neither on compliance with formalities nor on specific requirements.\"  In other words, commercial contracts generally are enforceable as drafted.  Measured against this standard, the Arbitrator concluded that there is no doubt that DynaUSA has failed to do what they are obligated to do under an Earn-In/Option Agreement with Goldgroup, dated September 1, 2006 (the \"Agreement\").\n\nThe Award, in summary, clarifies several doubts arising from misleading news releases issued by DynaUSA:\n\n\nThe Award confirms that the Agreement is in full force and effect; \nThe expenditures made by DynaUSA without the approval of the joint Management Committee have to be reimbursed to D...