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Infinito Gold shares drop by 40 percent as Costa Rica Supreme Court upholds loss of company’s permits for Crucitas mine

Friday, December 2, 2011

Infinito Gold is down 40 percent at 6 cents a share, giving up 4 cents in steady volume after the the Supreme Court of Costa Rica rejected the company's request to annul an earlier administrative decision tossing out the company's mining permits for the Crucitas gold project.

The latest Supreme Court ruling appears to conflict with a previous ruling by Costa Rica's top court confirming the validity of the company's exploitation concession permits.

Infinito officials said they are reviewing the impact of the two decisions as well as the potential effect on the company's debt facilities and related covenants.

Original source: Nasdaq