|November 25, 2014|
Rokmaster Files Domestic Commercial Arbitration Notice
|(November 25, 2014, Vancouver, B.C., Canada) - Rokmaster Resources Corp. ("Rokmaster" or the "Company") has filed a Domestic Commercial Arbitration Notice (the "Arbitration Notice") with the British Columbia International Commercial Arbitration Centre in respect of matters relating to Rokmaster's Option and Joint Venture Agreement dated July 16, 2012, as amended (the "Agreement") with AM Gold Inc. ("AM Gold") and its Peruvian subsidiary, Canper Exploraciones S.A.C. ("Canper") pursuant to which Rokmaster could earn up to a 75% interest in the Pinaya project in Peru (the "Property"). |
In the Arbitration Notice, Rokmaster has stated that AM Gold and Canper have breached several sections of the Agreement, including them having made various representations and warranties which Rokmaster believes were untrue as of the date of the Agreement, as well as AM Gold and Canper having failed to deliver or make available to Rokmaster all material information concerning the Property in their possession or control and having not disclosed to Rokmaster material facts and/or circumstances which should have been disclosed to it. In the Arbitration Notice, Rokmaster stated, among other things, that the alleged misrepresentations and breaches of contract caused Rokmaster damages including additional costs and expenses, expenditures rendered useless or of less value, delay, inability to pursue the Pinaya project fully or at all, an inability to raise financing, loss of opportunity and loss of profit.
Rokmaster has also asserted in the Arbitration Notice that because Rokmaster had declared Force Majeure on September 22, 2014 as a result of the presence of illegal miners on the Property, AM Gold and Canper's purported delivery of a notice of default on September 24, 2014 was invalid.
Rokmaster seeks: (1) an order declaring that its declaration of Force Majeure was valid and that the notice of default provided by AM Gold and Canper was invalid, (2) injunctive relief preventing AM Gold and Canper from taking any steps to breach or end the Agreement or to adversely deal with the Property, (3) an award of damages with respect to the misrepresentations and breach of contract of at least $3,040,095, broken down as follows: $725,000 representing all cash payments made by Rokmaster to AM Gold to date, $2,165,095 in exploration expenditures on the Property incurred by Rokmaster as at September 30, 2014 and an additional $150,000 in respect of the 1,000,000 common shares of Rokmaster issued to AM Gold, plus interest and costs, and such further and other relief as Rokmaster may seek and the Arbitrators deem meet and just.
For additional information on the Company and its projects in English and Spanish, including NI 43-101 gold-copper resource estimates on the Pinaya Project, please visit the Company's website www.rokmaster.com or call (604) 632-9602.
On behalf of the Board of Directors of
ROKMASTER RESOURCES CORP.
John Mirko, President & Chief Executive Officer.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
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