Canadian mining firm Infinito Gold announced last week that it has secured funding from a lender to continue pursuing damages stemming from Costa Rica's cancellation of the firm's gold mining concession in 2011.
A San José court on Monday acquitted former Environment and Energy Minister Roberto Dobles Mora of all charges that he illegally granted a contract to a private mining company connected to a relative while he was in office.
Infinito Gold Ltd. listed more than $160 million in working capital deficit including loan principle and interest, according to a statement from the company published on the CNW press wire. “The Company has concluded that it will not be possible for it to continue operations,” the statement concluded.
Infinito Gold, the Calgary-based firm still fighting over its defunct open-pit gold mine project in Costa Rica, is one of 588 junior resource firms with negative working capital ($127 million) listed on the Toronto Stock Exchange Venture Exchange (TSXV).
A criminal court in San José on Wednesday sentenced former Environment Minister Roberto Dobles Mora to a three-year suspended sentence for breach of public duty in granting the British Columbia-based mining company Infinito Gold an open-pit gold mining concession in Crucitas, in the northern Alajuela canton of San Carlos, in 2008.