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Almaden Minerals Reports on Lower Court Decision Regarding Mexico’s Ministry of Economy Efforts to Deny Twenty Year-Old Ixtaca Mineral Title Applications
VANCOUVER, British Columbia, April 13, 2023 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) wishes to advis
About this update from Almaden Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, April 13, 2023 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) wishes to advise stakeholders that, further to our press release of February 22, 2023, the second district court in Puebla State (the “District Court”) has ruled in favour of the submission made by Mexico’s Ministry of Economy (“Economia”) which seeks to deny the two mineral title applications which were first made by Almaden in 2002 and 2008, and which in turn initially led to the grant of mineral titles in 2003 and 2009, respectively (the “Economia Submission”). These mineral titles underpin the Ixtaca deposit which was discovered by Almaden in 2010. As previously reported, these mineral titles were reduced to application status as a result of an early 2022 decision of Mexico’s Supreme Court of Justice (“SCJN”). The District Court is implementing the SCJN decision. The District Court ruling appears to rely heavily on Economia’s determination regarding the Company’s 2002 and 2008 title applications, and in its decision has not provided arguments to address the Company’s challenge of the Economia Submission. Almaden will appeal this District Court decision and is pursuing other legal means to challenge the Economia Submission. Almaden has been advised that so long as these appeals are continuing, Almaden’s mineral title applications from 2002 and 2008 remain in place thus preserving the preferential mineral rights. Duane Poliquin, Chair of Almaden, stated “We are very alarmed by this arbitrary decision of Economia and will appeal the District Court ruling. We continue to support the indigenous consultation as outlined in the SCJN decision, which we believe will allow the principal host communities to express their strong support for the project”. About Almaden Almaden Minerals Ltd. discovered the Ixtaca project 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 ...