Business
Goldgroup Mining Announces Arbitration Confirmation
VANCOUVER, British Columbia, May 14, 2019 (GLOBE NEWSWIRE) -- Goldgroup Mining Inc. (“Goldgroup” or the “Company”) (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is very
About this update from Goldgroup Mining Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, May 14, 2019 (GLOBE NEWSWIRE) -- Goldgroup Mining Inc. (“Goldgroup” or the “Company”) (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is very pleased to announce a final judgment in the United States District Court for the District of Colorado (the “Court”) confirming Goldgroup’s previously announced favorable award in the arbitration against DynaUSA, Inc. (“DynaUSA”) in the news release dated August 31, 2016. The order accompanying the final judgment, dated May 9, 2019, rejected every argument DynaUSA raised since the favorable result Goldgroup reached in the 2016 arbitration. Following the arbitration, DynaUSA filed thousands of pages of briefing and exhibits in an attempt to convince the Court to vacate the arbitration award. The May 9th order denied DynaUSA’s motion to vacate the award and rejected the recommendation of a United States Magistrate Judge, who had agreed with DynaUSA that the arbitration award should be thrown out. In granting Goldgroup’s application to confirm the arbitration award, the Court set forth a detailed history of the matter, including DynaUSA’s practice of filing similar actions in different forums to reach an outcome it deemed favorable. The Court pointed out a jurisdictional ruling from a Denver federal court that was unfavorable to DynaUSA and a later jurisdictional ruling from a Mexico City court that benefitted DynaUSA. Because DynaUSA had initiated both of those actions, the Court found DynaUSA’s conduct and arguments, in seeking the same determination from two different courts, to be “disingenuous.” The conflicting rulings DynaUSA received in those actions were, according to the Court, “of its own making.” The Court’s order confirms all of the relief outlined in the August 2016 arbitration award, including DynaUSA having to: pay Goldgroup USD$403,913.92 in costs and attorney fees; pay Goldgroup USD$85,613.00 in separate fees and expenses; and pay DynaResource de Mexico, S.A. de C.V. (“DynaMexico”)—an entity in which Goldgroup owns a 50% equity interest—USD$1,044,952.46 for various legal and other expenses that DynaUSA improperly caused DynaMexico to incur. In addition, the jurisdictional ruling from a Mexico City court that benefitted DynaUSA was challenged in Mexico by Goldgroup and is still pending resolution. Keith Piggott commented: “We ar...