Aurcana Corporation Announces Settlement of Trans-Pecos Pipeline Easement
June 27 2018 - 12:59PM
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Aurcana Corporation (TSX-V:AUN) (OTCQB:AUNFF)
("Aurcana" or the Company") is pleased to advise
shareholders that it has received net proceeds of US$582,651 from a
mediated settlement of its eminent domain dispute against
Trans‐Pecos Pipeline, LLC (“Trans Pecos”) at the Shafter Silver
Project in Presidio County, Texas. Cash proceeds are net of all
fees and expenses incurred.
Trans Pecos constructed a pipeline to transport natural gas
between the Permian Basin and Presidio, Texas for delivery to
customers in Presidio and Chihuahua, Mexico. The route of the
pipeline crossed the Shafter property, owned by Rio Grande Mining
Company (“RGMC”), a wholly-owned subsidiary of Aurcana. The Company
had been in discussions with representatives of Trans Pecos
concerning safety, the near and long‐term impacts of a pipeline on
the Company and Shafter, and alternate routes for the pipeline
easement.
In March 2016 the Company was made aware that Trans Pecos filed
a lawsuit against RGMC to acquire the proposed easement through
exercise of its alleged power of eminent domain. The Company
engaged counsel to challenge the public use of the pipeline project
and, in the alternative, to ensure it received fair compensation
for the impact of the proposed pipeline on the market value of the
property and the Company’s Shafter operations. In June 2018
the Company entered into a Permanent Easement Agreement granting
the requested easement to Trans Pecos. The proposed settlement
included the cash compensation for the land taken by Trans Pecos,
industry‐standard indemnity clauses against future damages, certain
limitations on blasting parameters within a measured set‐back from
the pipeline right‐of‐way, and rights of access to the Company’s
roads at Shafter.
The pipeline is now built and operational. The pipeline
right-of-way does not impact on any proposed resumption of
operations at Shafter and should be of long-term benefit to the
economy of Presidio County and its citizens.
ABOUT AURCANA CORPORATION Aurcana Corporation
owns the Shafter Silver Project in Texas, US. The Shafter Silver
Project was put on care and maintenance in December 2013.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
“Kevin Drover”, President & CEO
For further information, visit the website
at www.aurcana.com or contact:Aurcana CorporationPhone:
(604) 331-9333
Gary Lindsey, Corporate Communications Phone: (720)-273-6224
Email: gary@strata-star.com
CAUTIONARY NOTES This press release contains
forward looking statements within the meaning of applicable
securities laws. The use of any of the words “anticipate”,
“plan”, “continue”, “expect”, “estimate”, “objective”, “may”,
“will”, “project”, “should”, “predict”, “potential” and similar
expressions are intended to identify forward looking
statements. In particular, this press release contains
forward looking statements concerning the anticipated future
results of mining activities on the Shafter property, including
economic results thereof. Although the Company believes that
the expectations and assumptions on which the forward looking
statements are based are reasonable, undue reliance should not be
placed on the forward looking statements because the Company cannot
give any assurance that they will prove correct. Since
forward looking statements address future events and conditions,
they involve inherent assumptions, risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of assumptions, factors and
risks. These assumptions and risks include, but are not
limited to, assumptions and risks associated with the result of
drilling and exploration activities, that contracted parties
provide goods and/or services on the agreed timeframes, risks
related to future metals prices, that equipment necessary for
exploration is available as scheduled and does not incur unforeseen
break downs, that no labour shortages or delays are incurred, that
plant and equipment function as specified, that no unusual
geological or technical problems occur, and that laboratory and
other related services are available and perform as contracted.
Management has provided the above summary of risks and
assumptions related to forward-looking statements in this press
release in order to provide readers with a more comprehensive
perspective on the Company’s future operations. The Company’s
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits the
Company will derive from them. These forward-looking
statements are made as of the date of this press release, and,
other than as required by applicable securities laws, the Company
disclaims any intent or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or results or otherwise.
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