Winshear Gold Comments on Move in Share Price - Seite 2

On 19 December 2019, the Mining Commission of Tanzania announced a public invitation to tender for the joint development of areas covered previously by Retention Licences. The invitation provided that the successful bidder should compensate the previous Retention Licence holder.

On 20 December 2019, the Mining Commission of Tanzania announced a revised public invitation to tender, which removed the condition that the successful bidder compensate the previous retention licence holder.

Through the measures described above, Tanzania has removed the ownership of the Project from the Claimant, and the Claimant alleges that Tanzania, in doing so, has breached its obligations to the Claimant under the Canadian-Tanzania BIT and international law. These include, but are not limited to:

1. Tanzania’s obligation not to nationalise or expropriate the Claimant’s investments or subject them to measures having effect equivalent to nationalisation or expropriation without prompt, adequate and effective compensation under the BIT; and
2. Tanzania’s obligation to accord fair and equitable treatment and full protection and security to the Claimant’s investment and not to impair by unreasonable or discriminatory measures the maintenance, use, enjoyment or disposal of the Claimant’s investment under the BIT.

Under the BIT, the evidentiary hearing in Washington was video recorded and is available to the public for review. Winshear has provided a link to the video in the April 4, 2023, press release on its website.

Winshear is represented by the same international law firms that represented Indiana in the arbitration process: LALIVE LLP and Boies Schiller Flexner LLP. Both firms specialise in international arbitration with Winshear seeking compensation in excess of CDN$130M for the loss of its investment in Tanzania (including interest which continues to accrue). In addition, the Winshear is seeking reimbursement of its arbitration costs and fees by Tanzania.

A litigation funding facility for US$3.3M is in place with Delta Capital Partners Management (“DELTA”), a firm out of headquartered in Chicago Illinois that specializes in litigation funding. This funding facility covers all legal costs associated with arbitration and is only repayable in the event of a successful award that is recovered from the United Republic of Tanzania.

About Winshear Gold Corp.

Winshear Gold Corp. is a Canadian-based minerals exploration company advancing the Gaban Gold Project in the Puno region of Peru. Gaban is a possible hard-rock source for the modern-day alluvial gold rush underway in the Madre de Dios basin downstream.