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Almaden Minerals Reports on Mexican Supreme Court Decision Regarding Mexican Mineral Title Law and Company Mineral Claims
VANCOUVER, British Columbia, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) reports that yes
About this update from Almaden Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) reports that yesterday the Supreme Court of Justice of Mexico (“SCJN”) reached a decision in respect of the mineral title lawsuit involving the Company’s mineral claims. As previously reported, Almaden’s mineral claims are the basis of a lawsuit against the Mexican government (President, Congress, Ministry of Economy, Directorate of Mines, Mining Registry Office) asserting that the Mexican mining law is unconstitutional. In April 2019, a lower court in Puebla State issued a decision that Mexico’s mining law is unconstitutional because it fails to include provisions requiring consultation of indigenous communities before the granting of a mineral title. The lawsuit uses the Company’s mineral claims to make the argument. For more background see the Company’s press releases of April 14, 2021, February 27, 2020, and April 15, 2019. Almaden has reviewed a draft of yesterday’s SCJN decision. As it stands, the draft decision determines that the Mexican mineral title law is constitutional, but that before issuing Almaden’s mineral titles, the Ministry of the Economy should have provided for a consultation procedure with relevant indigenous communities. The draft orders the Ministry of the Economy to declare Almaden’s mineral titles ineffective and to re-issue them following the Ministry’s compliance with its obligation to carry out the necessary procedures to consult with indigenous communities. The final decision of the SCJN may be modified and differ from the draft described above. The decision will take effect at the time of official notification of the decision to the Company which is expected within the next two months. Almaden intends to review the final decision when it is available and interact with Mexican government officials and local community officials in order to fully understand the impact of this decision on the Company’s mineral claims prior to determining its next steps. At present there is no timeline for consultation by the Ministry of the Economy with indigenous communities. About Almaden Almaden Minerals Ltd. owns 100% of the Ixtaca project in Puebla State, Mexico, subject to a 2.0% NSR royalty held by Almadex Minerals Ltd. The Ixtaca deposit hosts a proven and probable re...