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Eco Oro Minerals Receives Positive Ruling Regarding Court Proceedings; Fell 3% Tuesday

Eco Oro Minerals Corp. (EOM.TO), which fell 3% Tuesday, reported that the legal proceedings filed by Sociedad Mina Los Diamantes Ltda. and Crisanto Pena Gelvez, as previously disclosed on February 4, 2013, have been rejected by the Eighth Civil Circuit Court of the City of Bucaramanga, by the Judge who originally admitted the case.

The Claimants had asked the Court to annul the assignment and sale agreement entered into in 1994 by the Claimants and the company pursuant to which the company acquired mining permit 3452 from the Claimants, which permit, covering an area of 250 hectares, was subsequently converted into integrated concession contract 3452, covering an area of 5,254 hectares. The Judge concluded that the Agreement has a valid and enforceable arbitration provision, which requires all disputes or differences concerning the performance of the Agreement to be resolved by arbitration. As a result, the Judge decided to reject the legal proceedings due to a lack of jurisdiction and ordered costs and damages to be paid by the Claimants.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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