ST PETER PORT, Guernsey - Thursday, May 8th 2014 [ME NewsWire]

(BUSINESS WIRE)-- BSGR today took the first preparatory step to initiate arbitration proceedings with the International Centre for Settlement of Investment Disputes (“ICSID”) against President Alpha Condé and the Government of Guinea (“GoG”).

The notice of dispute relates to GoG’s decision to revoke BSGR’s mining titles and agreements in the Zogota and Simandou regions of south-east Guinea in April 2014.

BSGR is seeking the restitution of its mining titles and agreements as well as damages arising out of the revocation of these interests, which have been expropriated through what BSGR believes to be the illegal practices of the Alpha Condé government in Guinea.

BSGR has given notice that anyone, whether it be the Guinean government, Vale, Rio Tinto or anyone else who has negotiated an interest in Simandou or does so in the future will be dealing unlawfully in BSGR's property. In such circumstances BSGR will look to take immediate steps to litigate against those parties who wrongfully interfere in its lawful interests.

BSGR will not sit idly while President Condé and his allies attempt to take away its assets. It is time for a proper adjudication of these matters in a court of competent jurisdiction rather than through the processes imposed by President Condé, which BSGR consider to be flawed.

It remains a matter of the deepest regret to BSGR that it is the people of Guinea who have suffered most at the hands of these measures. Had BSGR's rights not been unlawfully interfered with, Guinea’s citizens would, by now, have been enjoying the fruits of the proper and responsible development of, and planned $10bn investment in, their county's precious resource.

Contacts

Media Enquiries:

UK & Europe

Powerscourt

Ian Middleton / Theo Crutcher

+44 (0)20 7250 1446

bsg@powerscourt-group.com

US

Goldin Solutions

Davidson Goldin

+1 212 319 3451

david@goldinsolutions.com

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