Azucar Reports Receipt of Order from Mexico’s Ministry of Economy regarding the El Cobre Project, Veracruz, Mexico
June 02 2023 - 4:22PM
Azucar Minerals Ltd. ("Azucar" or the "Company") (TSX-V:
AMZ; OTCQB: AXDDF) reports that it has received a communication
(“the “Communication”) from the Directorate General of Mining
(“DGM”) within Mexico’s Ministry of the Economy (“Economia”)
describing an injunction that has been placed on Economia by the
First District Court of Veracruz (“First District Court”), in
respect of twenty-four mineral concessions in Veracruz including
mineral concessions (the “Concessions”) which cover the El Cobre
project.
The three-page Communication indicates that in
2022 an amparo lawsuit was filed before the First District Court by
thirty-three people (the “Plaintiffs”) relating to their rights to
water and a clean environment amongst other things, as well as
their right to be involved in decisions that may affect them. The
lawsuit was brought against Mexico’s mining authorities and, based
on the Communication, appears to allege that the Concessions have
the potential to impact the above rights. According to the
Communication, the Plaintiffs requested an injunction on the
Concessions to ensure that their rights to a clean environment and
information and participation will not be affected during the
amparo lawsuit trial. The First District Court appears to have
granted this injunction against Economia from taking further acts
with respect to the concessions noted in the Communication.
In the Communication, Economia orders Azucar’s
Mexican subsidiary, Minera Alondra, to suspend activities on six
mineral concessions which cover the El Cobre project. The Company
has been advised that Economia has no legal basis for this given
that the First District Court injunction is directed at Economia as
a party to the lawsuit, and not the Company which has not been
notified of the lawsuit and therefore cannot directly be bound by
decisions stemming from it until and unless the Company is formally
summoned to the trial and receives notification of the order of
injunction from the presiding Judge.
Azucar is not planning any fieldwork at El Cobre
until such time as this situation is clarified, and the Company is
currently seeking more information from Mexican authorities and
will update shareholders as it becomes available. In the
meantime the Company is continuing its desktop review of results
from field work in 2022 in order to determine how best to advance
El Cobre in the context of past results and the Amparo lawsuit
announced today.
On behalf of the Board of Directors,
“J. Duane Poliquin”J. Duane Poliquin,
P.Eng.Chairman, Azucar Minerals Ltd.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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 release relate to, among
other things, the timing, procedures and potential ruling for the
amparo lawsuit trial, whether the Company is formally summoned to
the trial and receives notification of the order of injunction from
the presiding judge, future operations on the El Cobre Project and
the timing for Mexican authorities to provide more
information.
These forward-looking statements and information
reflect the Company’s current views with respect to future events
and are necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant legal, regulatory, business, operational and economic
uncertainties and contingencies, and such uncertainty generally
increases with longer-term forecasts and outlook. These assumptions
include: stability and predictability in Mexico’s mineral tenure,
mining, environmental and agrarian laws and regulations, as well as
their application and judicial decisions thereon; continued respect
for the rule of law in Mexico; all necessary permits, licenses and
regulatory approvals being received in a timely manner; the ability
to secure and maintain title and ownership to properties and the
surface rights necessary for operations; community support in the
El Cobre Project; and the ability to comply with environmental,
health and safety laws. The foregoing list of assumptions is not
exhaustive.
The Company cautions the reader that
forward-looking statements and information involve known and
unknown risks, uncertainties and other factors that may cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements or
information contained in this news release. Such risks and other
factors include, among others, risks related to: political risk in
Mexico; crime and violence in Mexico; corruption; environmental
risks, including environmental matters under Mexican laws and
regulations; impact of environmental impact assessment requirements
on the Company’s planned exploration and development activities on
the El Cobre Project; certainty of mineral title and the outcome of
litigation; community relations; governmental regulations and the
ability to obtain necessary licences and permits; risks related to
mineral properties being subject to prior unregistered agreements,
transfers or claims and other defects in title; changes in mining,
environmental or agrarian laws and regulations and changes in the
application of standards pursuant to existing laws and regulations
which may increase costs of doing business and restrict operations;
as well as those factors discussed the section entitled "Risk
Factors" in the Company’s latest Management’s Discussion and
Analysis available at www.sedar.com. Although the Company has
attempted to identify important factors that could affect the
Company and may cause actual actions, events or results to differ
materially from those described in forward-looking statements or
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that our forward-looking statements or
information will prove to be accurate. Accordingly, readers should
not place undue reliance on forward-looking statements or
information. Except as required by law, the Company does not assume
any obligation to release publicly any revisions to on
forward-looking statements or information contained in this news
release to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
Contact Information:
Azucar Minerals Ltd.Tel. 604.689.7644Email:
info@azucarminerals.comhttp://www.azucarminerals.com/
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