Churchill Mining: ICSID claim against the Republic of Indonesia update

(15 May 2014)--Further to the announcement of 25 February 2014, the Directors of Churchill wish to provide an update on Churchill's and its wholly owned subsidiary Planet Mining Pty Ltd's international arbitration cases against the Republic of Indonesia at the International Centre for Settlement of Investment Disputes (ICSID) in Washington DC.

Following the rejection of the Republic of Indonesia's jurisdictional challenges, the Arbitral Tribunal has issued a procedural order which establishes a schedule for the merits phase of the proceedings ending with a hearing on the merits of Churchill and Planet's claims in mid-2015.

"We are pleased that the Tribunal has now set out a timetable for the merits phase and we will continue to pursue our claim for damages against the Republic of Indonesia under the Bilateral Investment Treaties Indonesia entered into with the United Kingdom and Australia" said Churchill's Chairman David Quinlivan.

As previously notified, Churchill will be supplementing its damages presentation, having previously reserved the right to do so. Churchill's lawyers, Quinn Emanuel Urquhart & Sullivan, LLP have engaged international valuation experts FTI Consulting Canada LLC for this purpose.

Quinn Emanuel expects to file a revised and supplemented damages presentation and supplementary memorial in the coming weeks.

The Company will provide further updates during the course of the proceedings.(ends)