For immediate release
Litigation Update
Toronto - March 19, 2004 - The following is an update of the recent developments with regard to the legal proceedings between Archangel Diamond Corporation ("the Company") and Arkhangelskgeoldobycha ("AGD")
Stockholm proceedings: AGD files appeal
AGD has filed an appeal with the Stockholm Court of Appeal dated March 10, 2004 against the judgment of the Stockholm District Court issued on February 20, 2004. In its judgment, the District Court set aside the 2001 decision of the Stockholm Arbitration Tribunal declining jurisdiction to hear the dispute between the Company and AGD arising under the 1993 Diamond Venture Agreement. It is expected that the appeal may take approximately 12-18 months to be determined.
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For further information contact:
Marina Mayorova
Archangel Diamond Corporation
Moscow
Tel: ++ 11 7 095 232 5570
general@archangeldiamond.com
Archangel Diamond Corporation
Toronto
Tel: ++ 416 423 1600
The TSX Venture exchange has neither approved nor disapproved the contents of this news release.
Suite 400 - 65 Overlea Boulevard
Toronto Ontario Canada M4H 1P1
Tel: 1 (416) 423 1600 Fax: 1 (416) 429 2462
