NetworkNewsBreaks – Excellon Resources Inc. (TSX
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Posted On: 08/10/2021 3:15:46 PM
NetworkNewsBreaks – Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FRA: E4X2) Releases Update Regarding Mexico Litigation
Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FRA: E4X2) has provided an update on litigation involving the company’s subsidiary San Pedro Resources SA de CV. The litigation is regarding part of the Evolución property in Zacatecas and was first disclosed in 2019. The company is confirming that, as it reported in July, San Pedro’s appeal to the federal courts of Mexico in respect of the litigation was dismissed, despite the lack of evidence, facts or law to support this outcome. The company has received the formal written decision regarding the appeal; the decision, which is not subject to further legal appeal, appears to uphold the judgment granting the plaintiff an award of approximately $23 million. “These court decisions are the product of rank corruption and are a black mark on the judicial system of Mexico,” said Excellon Resources president and CEO Brendan Cahill in the press release. “The value ascribed in the judgment is impossible based on evidence, facts or law. Simply put, the maximum value realizable by the plaintiff from the agreement on La Antigua was US$500,000 in the best-case scenario, yet the Miguel Auza Mine was shut down in 2008 almost immediately after operations commenced. We continue to pursue avenues through our labor, community and government relationships and are investigating remedies under international law. In the interim, San Pedro continues to operate in the ordinary course. We do not expect this decision to impact any of our other assets, including Platosa, Kilgore, Oakley and Silver City. Additionally, to realize on the judgment, the plaintiff will need to contend with the interests of the 90 people San Pedro employs in the town of Miguel Auza and the economy of northern Zacatecas.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FRA: E4X2) has provided an update on litigation involving the company’s subsidiary San Pedro Resources SA de CV. The litigation is regarding part of the Evolución property in Zacatecas and was first disclosed in 2019. The company is confirming that, as it reported in July, San Pedro’s appeal to the federal courts of Mexico in respect of the litigation was dismissed, despite the lack of evidence, facts or law to support this outcome. The company has received the formal written decision regarding the appeal; the decision, which is not subject to further legal appeal, appears to uphold the judgment granting the plaintiff an award of approximately $23 million. “These court decisions are the product of rank corruption and are a black mark on the judicial system of Mexico,” said Excellon Resources president and CEO Brendan Cahill in the press release. “The value ascribed in the judgment is impossible based on evidence, facts or law. Simply put, the maximum value realizable by the plaintiff from the agreement on La Antigua was US$500,000 in the best-case scenario, yet the Miguel Auza Mine was shut down in 2008 almost immediately after operations commenced. We continue to pursue avenues through our labor, community and government relationships and are investigating remedies under international law. In the interim, San Pedro continues to operate in the ordinary course. We do not expect this decision to impact any of our other assets, including Platosa, Kilgore, Oakley and Silver City. Additionally, to realize on the judgment, the plaintiff will need to contend with the interests of the 90 people San Pedro employs in the town of Miguel Auza and the economy of northern Zacatecas.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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