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Almaden Minerals to Pursue International Arbitration Against Mexico; Moves to Drop Mexican Lawsuits
VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; OTCQB: AAUAF) announces that further
About this update from Almaden Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; OTCQB: AAUAF) announces that further to its press release of March 14, 2024, it has taken the decision to submit its claims to arbitration against the United Mexican States (“Mexico”) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”). This decision comes after a consultation meeting held with Mexican officials on May 30, 2024 that did not result in an amicable resolution of the Company’s investment dispute with Mexico. The Company expects to initiate its claims following expiry of the six-month consultation period required under the CPTPP, which commenced on December 14, 2023 (see Almaden press release of December 14, 2023). A requirement for submitting a claim to arbitration under the CPTPP is that the Company waive its rights to continue legal action in domestic (Mexican) courts. Almaden has therefore instructed Mexican counsel to withdraw from its legal challenge in the Mexican Federal Administrative Court (“TFJA”, see press release of October 16, 2023) and other legal proceedings challenging Mexico’s decisions in respect of the Company’s mineral claims. Discontinuing the Mexican legal actions will allow Almaden to focus on the arbitration under the CPTPP, which will be adjudicated pursuant to the arbitration rules of the International Centre for Settlement of Investment Disputes (“ICSID”). As noted in the Company’s press release of March 14, 2024, Almaden is pursuing this arbitration together with Almadex Minerals Ltd., on behalf of themselves and their Mexican subsidiaries, and based on a preliminary estimate will be seeking damages of no less than US$200 million, in the aggregate. “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 re...