Nevada Gold Announces Permanent Dismissal of $50 Million Claim
HOUSTON, April 16, 2008 -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that all claims against it by the Rinaldo Corporation have been permanently dismissed. Rinaldo's claims against Nevada Gold totaling $50 million had been previously dismissed by the trial court in Bakersfield, California. On February 15, 2008 the California Court of Appeals sustained the trial court's judgment dismissing the case, and Rinaldo subsequently failed to submit a timely petition appealing the decision of the Court to Appeals to the California Supreme Court.
Robert Sturges, Chief Executive Officer of Nevada Gold & Casinos, Inc., commented, "We are pleased that this case has ended on a positive note for Nevada Gold. We have made good progress in resolving overhanging issues and will continue to work diligently to resolve the remaining matters in due course."
About Nevada Gold & Casinos
Nevada Gold & Casinos, Inc. (AMEX:UWN) of Houston, Texas, is a developer, owner and operator of gaming facilities and lodging entertainment facilities in Colorado and California. Colorado Grande Casino in Cripple Creek, Colorado is wholly owned and operated by Nevada Gold. The Company recently reached an agreement to acquire the Horizon Casino Hotel in Vicksburg, Mississippi. The Company also works with Native American tribes in a variety of capacities. Native American projects consist of a casino to be built in Pauma Valley, California for the La Jolla Band of Luisenyo Indians and a casino to be developed by Buena Vista Development Company, LLC in the city of Ione, California for the Buena Vista Rancheria of Me-Wuk Indians. For more information, visit www.nevadagold.com
