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Silver Valley Metals Announces Positive Resolution of Issues Relating to its Mexi-Can Sulphate of Potash and Lithium Project; Exploration to Recommence
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - Silver Valley Metals Corp. (TS...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"Silver Valley Metals Announces Positive Resolution of Issues Relating to its Mexi-Can Sulphate of Potash and Lithium Project; Exploration to RecommenceVancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - Silver Valley Metals Corp. (TSXV: SILV) (OTCQB: SVMFF) (\"Silver Valley\" or the \"Company\"), a brownfield exploration company, is delighted to announce a favorable resolution of issues relating to its Mexi-Can Sulphate of Potash and Lithium Project (\"the Mexico-Canada Project\" or \"Mexi-Can Project\"). Concurrently, the Company is preparing to resume exploration activities in Mexico.Background: Legislative Impact on Mexi-Can ProjectIn response to the significant legislative development on April 20, 2022, through the \"Decree amending and adding various provisions of the Mining Law,\" (the \"Lithium Decree\") Silver Valley Metals Corp.'s Mexican subsidiary (\"Silver Valley Mexico\") took legal measures to safeguard its interests. The Decree marked a crucial structural reform in Mexico's lithium sector, leading to the creation of the company \"Lithium for Mexico\" (\"LitioMx\") and the declaration of lithium as a public utility and national heritage restricting the granting of new concessions, licenses, contracts, permits, or authorizations in this area.Link to the full text of the Lithium Decree.As a result of the Decree, Silver Valley Mexico filed two separate Indirect Amparos (an Amparo is defined as an extraordinary constitutional appeal, which may be filed in federal court, by Mexicans and by foreigners. It is often referred to as a \"constitutional protection lawsuit\") challenging specific articles of the Mining Law, as amended by the Lithium Decree, claiming violations of constitutional rights.Silver Valley Mexico holds existing concessions in Mexico. With the recent results from the Supreme Court's decisions from the Amparos filed by Silver Valley Mexico, it is apparent that the Lithium Decree has not impacted the Company's concessions. The Court ruled that the Mining Law, as amended by the Lithium Decree, has not impacted the Company.Several Articles of the Mining Law, as outlined in the Lithium Decree, specify the responsibilities and protections regarding lithium exploration, exploitation, beneficiation, and use. Notably, the legislation did not indicate any intention to cancel, suspend, withdraw, or ...