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Lower Court in Mexico Rules on Constitutionality of Mexican Mineral Title System and Former Claims Held by Almaden
VANCOUVER, British Columbia, April 15, 2019 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. and its 100% owned Mexican subsidiary (“Almaden” or “the Company”; TSX: AM
About this update from Almaden Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, April 15, 2019 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. and its 100% owned Mexican subsidiary (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) has learned that a lower court in Puebla State has ruled that Mexico’s mineral title system is unconstitutional because consultation is not required before the granting of mineral title. The lawsuit was filed against the Mexican government regarding claims originally held by Almaden which covered a large area including the Ixtaca deposit. This ruling can be appealed by both the Government of Mexico and Almaden. The Company believes that this lawsuit is part of a broad effort by special interest groups to change the mining law and there are other similar actions active across Mexico. Almaden’s original mineral claims, which totalled approximately 14,000 hectares and are the subject of this lawsuit, were granted many years ago in full compliance with Mexican law. The lower court has ruled that the Mexican mineral title system is unconstitutional and as a result these original mineral claims should be held exclusively for Almaden until such time as consultation can be completed. However, these original claims were already voluntarily cancelled by the Company and Almaden’s current claims covering the Ixtaca deposit, which total approximately 7,200 hectares, are not the subject of this court decision. No communities within the area of the Company’s current claims or within the area of influence of the Ixtaca project are party to this lawsuit. It is important to note following: This ruling is not a commentary on the well-documented community consultation which Almaden has been engaged in for the last 18 years (see press release of March 19, 2019). This ruling suggests that consultation must be conducted by the Government of Mexico prior to the granting of mineral title; The Company submitted its environmental permit for the Ixtaca project earlier this year and continues to advance Ixtaca towards production. Almaden’s intention is to build a mine which reflects the best available technology and best applicable practice both socially and technically. About AlmadenAlmaden 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 Gold-Silver Deposit was discovered...