Almaden Obtains Provisional Injunction Relating to Decision of Ministry of the Economy
September 14 2023 - 6:30AM
Almaden Minerals Ltd. (“Almaden” or
“the
Company”; TSX: AMM; NYSE American: AAU) is pleased to
report that the Mexican Federal Administrative Court (the “Court”)
has granted a provisional injunction to Almaden’s Mexican
subsidiary, Minera Gorrión (“MG”), relating to the submission
issued by Mexico’s Ministry of the Economy (“Economia”) to the
district court (the “District Court”) which is overseeing the
implementation of the February 2022 decision of Mexico’s Supreme
Court (“SCJN”) requiring indigenous consultations prior to the
granting of mineral titles to the Ixtaca project (see Company press
releases of February 22 and April 13, 2023).
Economia’s submission to the District Court
(“Economia Submission”) was made in February 2023 and aims to deny
the two mineral title applications to the Ixtaca project which were
first made by Almaden in 2002 and 2008, and which in turn led to
the grant of mineral titles in 2003 and 2009, respectively. As
previously reported, these mineral titles were reduced to
application status as a result of the February 2022 decision of the
SCJN.
The Economia Submission claims that, despite
Economia’s previous statements to the contrary, its acceptance of
the mineral title applications and its grant of the mineral titles
in 2003 and 2009, the applications contain technical faults which
preclude the grant of the mineral claims. The Economia Submission
therefore seeks to deny the grant of the mineral claims regardless
of the indigenous consultation ordered by the SCJN and welcomed by
both the Company and surrounding communities. The Economia
Submission was accepted by the District Court as complying with the
February 2022 SCJN decision (see press release of April 13, 2023),
and this District Court decision is currently being appealed by the
Company (the “Compliance Appeal”).
In the meantime, MG initiated separate legal
proceedings in the Mexican Federal Administrative Court (the “Legal
Proceedings”) to contest the Economia Submission on technical and
procedural grounds. The Court has admitted the Legal Proceedings
and, as a first step, has granted a provisional injunction in
favour of MG. This provisional injunction prevents Economia from
releasing the mineral rights covered by the Company’s mineral title
applications while the Legal Proceedings are ongoing. It is
expected that the Court will decide on the grant of a permanent
injunction within the coming weeks, which if received would
continue in effect until the Court has ruled on the revocation of
the Economia Submission.
The Court also stated that the Legal Proceedings
would be subject to the outcome of the Company’s Compliance Appeal,
noting that if the Compliance Appeal determines that the Economia
Submission does not comply with the February 2022 SCJN decision,
then the legal status of the Company’s mineral title applications
would change. On the other hand, if the Compliance Appeal
determines that the Economia Submission does comply with the
February 2022 SCJN decision, then the Legal Proceedings shall
continue. Almaden does not have a timeline for the Compliance
Appeal or a definitive ruling on the Legal Proceedings.
Duane Poliquin, Chair of Almaden, stated, “We
filed this complaint with the Federal Administrative Court back in
March and despite the long delay we are encouraged that we may
finally have the opportunity to explain why we believe the Economia
Submission is a seriously flawed document.”
About Almaden
Almaden Minerals Ltd. discovered the Ixtaca
deposit in Puebla State, Mexico, in 2010. Almaden’s interest in the
Ixtaca project is subject to a 2.0% NSR royalty held by Almadex
Minerals Ltd. The Ixtaca deposit hosts a proven and probable
reserve containing 1.38 million ounces of gold and 85.1 million
ounces of silver (73.1 million tonnes grading 0.59 g/t Au and 36.3
g/t Ag). A report titled “Ixtaca Gold-Silver Project, Puebla State,
Mexico NI 43-101 Technical Report on the Feasibility Study”, which
was prepared in accordance with NI 43-101, is available under the
Company’s profile on SEDAR and on the Company’s website.
On Behalf of the Board of Directors,
“J. Duane Poliquin”_____J. Duane
PoliquinChairAlmaden Minerals Ltd.
Safe Harbor Statement
Certain of the statements and information in
this news release constitute “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and “forward-looking information” within the
meaning of applicable Canadian provincial securities laws. All
statements, other than statements of historical fact, are
forward-looking statements or information. Forward-looking
statements or information in this news release relate to, among
other things, the timing and nature of any future rulings of the
Court.
These forward-looking statements and information
reflect the Company’s current views with respect to future events
and are necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant legal, regulatory, business, operational and economic
uncertainties and contingencies, and such uncertainty generally
increases with longer-term forecasts and outlook. These assumptions
include: stability and predictability in Mexico’s consultation
process with indigenous communities and judicial decisions thereon;
stability and predictability in Mexico’s mineral tenure, mining,
environmental and agrarian laws and regulations, as well as their
application and judicial decisions thereon; continued respect for
the rule of law in Mexico; prices for gold, silver and base metals
remaining as estimated; currency exchange rates remaining as
estimated; availability of funds; capital, decommissioning and
reclamation estimates; mineral reserve and resource estimates;
prices for energy inputs, labour, materials, supplies and services
(including transportation); no labour-related disruptions; all
necessary permits, licenses and regulatory approvals being received
in a timely manner; the ability to secure and maintain title and
ownership to properties and the surface rights necessary for
operations; community support in the Ixtaca Project; and the
ability to comply with environmental, health and safety laws. The
foregoing list of assumptions is not exhaustive.
The Company cautions the reader that
forward-looking statements and information involve known and
unknown risks, uncertainties and other factors that may cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements or
information contained in this news release. Such risks and other
factors include, among others, risks related to: Mexico’s
consultation process with indigenous communities and potential
litigation in respect thereof; political risk in Mexico; crime and
violence in Mexico; corruption; environmental risks, including
environmental matters under Mexican laws and regulations; impact of
environmental impact assessment requirements on the Company’s
planned exploration and development activities on the Ixtaca
Project; certainty of mineral title and the outcome of litigation;
community relations; governmental regulations and the ability to
obtain necessary licences and permits; risks related to mineral
properties being subject to prior unregistered agreements,
transfers or claims and other defects in title; changes in mining,
environmental or agrarian laws and regulations and changes in the
application of standards pursuant to existing laws and regulations
which may increase costs of doing business and restrict operations;
as well as those factors discussed the section entitled "Risk
Factors" in Almaden's Annual Information Form and Almaden's latest
Form 20-F on file with the United States Securities and Exchange
Commission in Washington, D.C. Although the Company has attempted
to identify important factors that could affect the Company and may
cause actual actions, events or results to differ materially from
those described in forward-looking statements or information, there
may be other factors that cause actions, events or results not to
be as anticipated, estimated or intended. There can be no assurance
that our forward-looking statements or information will prove to be
accurate. Accordingly, readers should not place undue reliance on
forward-looking statements or information. Except as required by
law, the Company does not assume any obligation to release publicly
any revisions to on forward-looking statements or information
contained in this news release to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
Contact Information:
Almaden Minerals Ltd.Tel. 604.689.7644Email:
info@almadenminerals.comhttp://www.almadenminerals.com/
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