Appeal Against First Majestic Dismissed

About this update from First Majestic Silver Corp.

[{"type":"text","content":"\n\n\nNYSE - AG\nTSX - FRFrankfurt - FMV\n\n\nVANCOUVER, Oct. 24, 2013 /CNW/ - FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the \"Company\" or \"First Majestic\") is pleased to\n announce that further to its news release on September 30, 2013, the\n Court of Appeal has dismissed the appeal of Hector Davila Santos\n (\"Hector Davila\") and Minerales y Minas Mexicanas, S.A. de C.V.\n (\"MMM\").\n\n\nAs previously announced, on April 24, 2013 the Supreme Court of British\n Columbia awarded judgment of US$93.84 million in favour of First\n Majestic in the litigation against Hector Davila and MMM.  This\n judgment was subsequently appealed by Hector Davila and MMM. On June\n 27, 2013, the Court of Appeal for British Columbia ordered Hector\n Davila and MMM to post security for the unpaid trial judgment in the\n amount of US$79 million, (being the approximate difference between the\n judgment amount of US$93.84 million, less the funds of CDN$14.85\n million previously received by First Majestic) or in the alternative to\n post a letter of credit in that amount within 90 days of the order,\n with liberty to apply for further directions on the form of security,\n if necessary. As Hector Davila and MMM did not post security or provide\n a letter of credit, the Company applied for an order dismissing their\n appeal.  On October 23, 2013, the Company received the Court of\n Appeal's Reasons for Judgment dismissing their appeal (\"the Dismissal\n Order\").  Hector Davila and MMM have seven days from the date of the\n Dismissal Order in which to initiate an application to vary or\n discharge the Dismissal Order.\n\n\nJudgment against Hector Davila and MMM should not be regarded as final\n until such time as all avenues for appeal have been exhausted and the\n Company cautions that even if the results of all such appeals are in\n the Company's favour it may have to take additional action in Mexico\n and/or Canada to try to recover the unpaid portion of the judgment. The\n outcome of any such action is not presently determinable.\n\n\nFirst Majestic is a mining company focused on silver production in\n México and is aggressively pursuing its business plan of becoming a\n senior silver producer through the development of its existing mineral\n property assets and the pursuit through acquisition of additional\n mineral as...

More updates from First Majestic Silver Corp.