Dundee Precious Metals Inc. announces that on November 1, 2006, a five member judge panel of the Court of Appeal in Bulgaria revoked the ruling passed by the Supreme Administrative Court (“SAC”) on July 10, 2006 that the Company’s claim regarding the silent refusal of the Minister of Environment and Waters (“MoEW”) on the Company’s Krumovgrad Project EIA was inadmissible.
“We are encouraged by the Court of Appeal’s decision and will continue our efforts to advance our projects in Bulgaria in the shortest possible timeframe,” said Jonathan Goodman, President and CEO of Dundee Precious.
As previously reported, the Company had claimed that the non-rendering of a resolution on the EIA by the MoEW within three months of the public hearings was considered a silent refusal and directly infringed upon the rights of the Company. DPM had requested that the SAC revoke the silent refusal of the MoEW and approve the EIA or, alternatively, instruct the MoEW to address the matter appropriately in compliance with Bulgarian law. On July 10, 2006, the SAC ruled to terminate the court proceeding on the grounds of inadmissibility of the claim and DPM subsequently appealed that decision.
Yesterday’s ruling by the Court of Appeal confirms that the Environment Protection Act obliges the Minister to decide on the EIA in relation to the investment project within a three month period, as specified in the legislation, and confirms that DPM’s case is admissible. Consequently, the case has been returned to the SAC with instructions to decide on the merits of the claim.
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