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Message: Equinox Provides ZESCO Dispute Update

Equinox Provides ZESCO Dispute Update

posted on Jan 23, 2009 04:52AM

Equinox Provides ZESCO Dispute Update

TORONTO, Jan. 23 /CNW/ - Equinox Minerals Limited (TSX and ASX symbol:
"EQN") ("Equinox" or the "Company") advises that the Protective Relief action
initiated by the Company in relation to its dispute with ZESCO (refer to
Company announcement dated 15th January 2009), was adjourned at the request of both the Company and ZESCO, until 17th February 2009 to allow the parties the further opportunity to conclude negotiations.

As such the Notice of Termination initiated by ZESCO has also been suspended until 23rd February 2009.

The Company remains confident that continuity of supply will not be
affected and an equitable resolution will be concluded.

2009-01-15 11:16 ET - News Release

Mr. Craig Williams reports


The protective relief action initiated by Equinox Minerals Ltd., in relation to its dispute with ZESCO (the Zambian power utility that is providing power to Lumwana), was heard in Lusaka High Court, Zambia, on Jan. 14, 2009. The Judge declined to make a ruling and rescheduled the hearing for Jan. 23, 2009.

As announced in Stockwatch on Jan. 7, 2009, the company is in dispute with ZESCO over electricity charges believed by ZESCO to be incurred by the company since late 2007; a claim the company disputes. The company has given notice of arbitration to the London Court of Arbitration to commence arbitration proceedings, in an effort to resolve the matter.

Given the importance of the Lumwana mine to the national interests of Zambia, and that the company and ZESCO were already in negotiations, the judge urged the parties to continue such discussions and attempt to agree to a settlement prior to the rescheduled hearing. Equinox believes such discussions will continue to progress, and believes such discussions could likely lead to a resolution and settlement prior to the revised hearing date.

The company remains confident that continuity of supply will not be affected.

We seek Safe Harbor.

Craig R. Williams - President & Chief Executive Officer
further information: Craig R. Williams (President and Chief
Executive Officer), Michael Klessens (V.P. Finance and CFO), Phone: +61 (0) 8
9322 3318, Email: [email protected]; or Kevin van Niekerk (V.P.
Investor Relations/Corporate Development), Phone: (416) 865-3393, Email:
[email protected]


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