BELMONT FILES A ‘REQUEST FOR ARBITRATION’ UNDER THE RULE OF THE
INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES (“ICSID”)
Vancouver, B.C. Canada, July 7, 2014 – Belmont Resources Inc. (“Belmont”, the “Company” or “TSX.V: BEA”) Further to our news release of May 23, 2014 the Company announces the following update.
Currently, Belmont and EuroGas, Inc. (“EuroGas”) seek compensation under international law against the Slovak Republic. Under the applicable treaties, the Notice of Dispute sent in December 2013 was followed by a six-month “cooling off period”, to allow a possible amicable settlement. Negotiations with the Slovak Republic however proved futile.
Belmont and EuroGas therefore filed a Request for Arbitration under the Rule of the International Centre for Settlement of Investment Disputes (“ICSID”), under the auspices of the World Bank.
The Executive Assistant to the Secretary General of ICSID has acknowledged receipt of the Request for Arbitration and of the required lodging fees, and notified the Request to the representatives of the Slovak Republic on June 27, 2014. The Company, together with EuroGas, is seeking damages from the Republic of Slovakia as compensation for the illegal revocation of their rights over the Gemerska Poloma talc deposit.
All inquiries regarding the dispute with the Slovak Republic should be sent to Belmont’s attorney, Dr. Hamid Gharavi, at Derains & Gharavi in Paris (firstname.lastname@example.org).
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO, Director
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