Swedish Supreme Court Denies AGD Leave to Appeal
11 April 2006 Archangel Diamond Corporation ("Archangel" or the "Corporation") is pleased to report that Arkhangelskgeoldobycha ("AGD") has failed in its appeal to the Swedish Supreme Court. AGD had applied for leave to appeal to the Swedish Supreme Court on December 13, 2005 in an attempt to reverse the judgment of the SVEA Court of Appeal dated November 15, 2005 in favour of Archangel which had affirmed the earlier decision of the Stockholm District Court setting aside the erroneous 2001 decision of the Stockholm Arbitration Tribunal declining jurisdiction to hear the dispute between the Corporation and AGD arising under the 1993 Diamond Venture Agreement ("DVA"). In a ruling issued today, the Supreme Court of Sweden denied AGD's application for leave to appeal against the Court of Appeal's judgment without giving reasons. The Supreme Court ruling means that the Court of Appeal judgment now gains legal force and Archangel is free to commence fresh arbitration proceedings. After a lengthy battle through the Swedish courts lasting over four years, Archangel's fight against the Arbitration Tribunal's manifestly erroneous 2001 decision declining jurisdiction at an unusually late stage in the proceedings (by a 2-1 majority, but with a strong dissenting opinion in Archangel's favour) has been fully vindicated.
The TSX Venture exchange has neither approved nor disapproved the
contents of this news release.
For further information: Marina Mayorova, Archangel Diamond Corporation, Moscow, Tel: ++ 11 7 495 232 5570, general@archangeldiamond.com; Archangel Diamond Corporation, Toronto, Tel: ++ 416 423 1600
Source: newswire
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