Business
DynaResource, Inc. and DynaResource De Mexico, S.A. De C.V. Issue News Release in Response to News Release Issued by Goldgroup Mining Inc. (GGA.TO)
DynaResource, Inc. and DynaResource De Mexico, S.A. De C.V. Issue News Release in Response to News Release Issued by Goldgroup Mining Inc. (GGA.TO).
About this update from Dynaresource, Inc.
[{"type":"text","content":"IRVING, TX / ACCESSWIRE / May 17, 2019 / DynaResource, Inc., of Irving, Texas, (OTCQB: DYNR) ("DynaUSA") and DynaResource de México SA de C.V. ("DynaMéxico"), the 100% owner of the San Jose de Gracia high grade gold project, located in the County of Sinaloa de Leyva, State of Sinaloa, México, issue the following news release dated May 17, 2019, in response to a news release issued by Goldgroup Mining Inc. dated May 14, 2019.Arbitration Award:On May 9, 2019, the United States district court for the district of Colorado confirmed the August 2016 Arbitration award against DynaResource, Inc. and DynaResource de Mexico, S.A. de C.V. The district court's decision overruled the thoughtful and well-reasoned formal Recommendation of United States Magistrate Judge Kathleen M. Tafoya, which was previously issued on February 13, 2018. In the formal Recommendation, Magistrate Judge Tafoya had recommended that the district court rule in favor of DynaResource and DynaResource de Mexico, and the Recommendation requested the court to vacate the arbitration award.DynaUSA and DynaMéxico intend to appeal the district court's May 9, 2019, decision.***In addition to filing an appeal of the Arbitration award, DynaUSA and DynaMéxico (together, the "DynaResource entities") report the following rulings in Mexico, all in favor of the DynaResource entities, which rulings remain in full force and effect:Legal Background (Recent Awards - Legal Decisions in Favor of DynaMéxico):$48M USD Damages Award and Definitive Sentence against Goldgroup (October 5, 2015):On October 5, 2015, DynaMéxico was awarded $48 million USD in damages against Goldgroup Resources ("Goldgroup"), as described in the Sentencia Definitiva ("Definitive Sentence") issued by the Thirty-Sixth Civil Court of the Superior Court of Justice of the Federal District of México, File number 1120/2014.Grant of Lien upon the Shares of DynaMéxico owned by Goldgroup (October 5, 2016):On October 5, 2016, the one-year anniversary of the $48M damages award, the Thirty-Sixth Civil Court of the Superior Court of Justice of the Federal District of México granted to DynaMéxico, a lien (referred to by the Superior Court as an "Embargo") upon 100% of the shares of DynaMéxico previously issued to Goldgroup, which at the time constituted 20% of the outsta...