News Article | November 10, 2016
TORONTO, ONTARIO--(Marketwired - Nov. 9, 2016) - Emerita Resources Corp. (the "Company" or "Emerita") (TSX VENTURE:EMO) is pleased to announce that following the unanimous ruling by the Provincial Court of Seville (the "Court") (See Emerita's October 27, 2016 press release), the Court has served "imminent judicial notice" to five officials of the Government panel (the "Panel") that were directly involved in the awarding of the Aznalcóllar public tender to a subsidiary of the group comprised of Minorbis and Grupo Mexico (collectively, "Minorbis-Grupo Mexico"). Such notice has also been served to two representatives of Minorbis. In Spain, imminent judicial notice provides formal prior notice to individuals that criminal charges against them are pending in the near future. The Court has also engaged the "Unidad Centro Operativo (UCO) de la Guardia Civil" (Spain's national police force) to investigate the alleged cash payments made from Grupo Mexico to Minorbis and to clarify Minorbis' role in the tender process. The Direccion General de Industria, Energia y Minas (the Andalucian government agency responsible for the administration of the Aznalcóllar public tender) has been asked by the Court to submit a copy of the Panel's final resolution that awarded the tender to Minera Los Frailes (a company that did not participate in the Aznalcóllar public tender process) for the Court's review. Joaquin Merino, President and CEO of Emerita, commented: "This is a very important step for the Company. The laws governing public tenders in Spain are very clear: if it is determined that there was a commission of a crime in the awarding of a tender, that bid shall be declared invalid and the tender must be awarded to the next qualified bidder. In the Aznalcóllar tender, we believe that Emerita is the only qualified bidder. The Company welcomes the Court's review of all matters related to the Aznalcóllar tender process." David Gower, Emerita's Chairman, stated: "Emerita remains committed to developing the Aznalcóllar project. Emerita's proposal was prepared by more than 70 professionals and comprised over 10,000 pages and 300 maps, plans and sections, covering all aspects of the proposed project development. This included a strong emphasis on environmental and water management and community involvement. We look forward to working with the community and the government agencies to develop Aznalcóllar into a modern, safe and environmentally responsible operation." The key focus of the Aznalcóllar project, as proposed by Emerita, would be the development of the Los Frailes deposit as an underground mining operation. The deposit thickness ranges between 30 and 90 metres. The thickest section of the ore body lies below 150 metres depth from surface. The Los Frailes and the previously mined Aznalcóllar deposits are both open for further expansion by drilling at depth, as historical drilling was primarily constrained to depths accessible by open pit mining. The historical Los Frailes open pit mineral resource, as calculated by the previous operator of the mine, was estimated to be 71 million tonnes grading 3.86% zinc, 2.18% lead, 0.34% copper and 60 ppm silver. A review of the historical drilling data indicates the potential existence of a higher grade portion of the resource that is estimated to contain 20 million tonnes grading 6.65% zinc, 3.87% lead, 0.29% copper and 84 ppm silver. This higher grade resource has been modeled by Emerita and would be the focus for the underground mining operation (see Figure 1). A qualified person, as defined in National Instrument 43-101, has not done sufficient work on behalf of Emerita to classify the historical estimate as a current mineral resource and Emerita is not treating the historical estimate as a current mineral resource or mineral reserve. The resource estimate is a historical estimate and should not be relied upon. A summary of the historical resource estimate is available on the Government of Andalucia's website in a report prepared by the prior operator of the Aznalcóllar Project entitled "Proyecto de Explotacion Yacimiento Los Frailes, Memoria Andaluza de Piritas, Boliden- Apirsa, Octubre 1994" (Los Frailes Development Project Report, Boliden-Apirsa, October 1994) along with subsequent resource estimate updates, the latest being from 2000. Note - there is a figure associated with this release which is available at the following link: http://media3.marketwire.com/docs/161108_EMO_Figure1.pdf About the Ruling on the Aznalcóllar Appeal The appeal was heard by four judges of the Court who ruled unanimously in a 59 page judgement to overturn the lower court's finding that there was not sufficient evidence to pursue criminal charges. The judges' decision was based on: (i) Minorbis-Grupo Mexico failing to submit the necessary documentation as required by the tender process; (ii) a failure by the Panel to award the Aznalcóllar project based on the parameters and criteria of the tender process; and (iii) granting the mining rights to the Aznalcóllar project to Los Frailes Mining, a company that did not participate in the tender process, contravened applicable laws governing public tenders in Spain. The judges found that there was evidence of gross negligence and misconduct and indicated that there may be evidence of possible corruption and prevarication. As such, the Court has ordered the criminal case to be reopened against the Panel. Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain and Brazil. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada. This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Aznalcóllar project, the significance and impact of the Court's rulings, the results of any appeals or judicial or administrative proceedings in connection with the Aznalcóllar project, participation in any public tenders, the ability of the Company to be granted any mining rights pursuant to a public tender process, historical mineral resources estimates for the Aznalcóllar project, the potential of the Aznalcóllar project and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate purchased properties or mining rights awarded; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
News Article | November 23, 2016
Kootenay Silver Inc. (TSXV: KTN) (the "Company" or "Kootenay") is pleased to announce results from the first 11 holes of its maiden drill program on its RAM structure, situated approximately 700 meters to the west and south of the Company's La Cigarra silver deposit in Chihuahua State, Mexico. The program drill tested a 400-meter strike length of the 3,800-meter long RAM structure and dip extents between 65 and 200 meters. Assay results from drilling confirm RAM is a strongly mineralized silver system, hosting multiple zones of quartz veining as sheeted, stockworked or brecciated veins within an altered structure that measures 50 to 150 meters wide. The Company reports the system remains open along strike to the north and south for up to 3,400 meters and down dip to the west. Kootenay President and CEO James McDonald states, "Results from the first 11 holes of the program confirm RAM is an entirely new silver discovery and development of this mineralized structure will remain a top priority for the Company. The strength and consistency of veining within the structure bodes well for the discovery of further silver resources at depth and along both strike directions. Drilling returned good continuity of silver grades across a 400-meter strike length and widespread silver mineralization was encountered in all but two of the eleven holes, confirming the structure's large-scale potential. Moving forward, the close proximity of the RAM structure to our established La Cigarra silver resource offers excellent potential for future shared infrastructure and economies of scale, as we continue to develop RAM and advance our main La Cigarra deposit towards the economic stage." The RAM structure is one of 8 prospective targets that have been identified proximal to the La Cigarra deposit with the potential to add near surface silver resources to the project. Click to view: the RAM drill plan and cross sections of holes 6, 7, 8 and 9. The 11 drill holes are the first phase of a planned, ongoing multi-phase drilling program that will be conducted on the La Cigarra project over the next 12 to 18 months. Follow up drilling of the 3,800 meter long RAM structure is expected to commence in the early part of the New Year and will form part of a larger strategy to test additional undrilled targets and the extensions of the La Cigarra deposit itself. The Company reports that drilling continues at the Project with the core drill rig collared at hole 14 within the La Soledad Zone, located approximately 1,000 meters south of the La Cigarra silver resource. Once the current 3,000 meter drill program is complete and results of re logging and detailed mapping of the deposit are interpreted, the details and dates of the anticipated follow up programs will be finalized and announced in a future news release. A summary of the drilling within the mineralized zone are given in the table below: All technical information for the La Cigarra exploration program is obtained and reported under a formal quality assurance and quality control ("QA/QC") program. Samples are taken under the direction of qualified geologists and stored in sealed bags. Samples are delivered by the Company via courier to ALS Minerals ("ALS") in Chihuahua. The samples are dried, crushed and pulverized with the pulps being sent airfreight for analysis by ALS in Vancouver B.C. Systematic assaying of standards is performed for precision and accuracy. Analysis for silver, zinc, lead and copper and related trace elements was done by ICP four acid digestion, with gold analysis by 30 gram fire assay with an AA finish. The Kootenay technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed on behalf Kootenay by James McDonald, P.Geo, President, CEO & Director for Kootenay, a Qualified Person. 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. About Kootenay Silver Inc. Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. The Company's top priorities are the advancement of the La Cigarra silver project and the Promontorio Mineral Belt, in Chihuahua, Mexico and Sonora, Mexico, respectively. The La Cigarra property is 26 kilometers from the historic mining city of Parral and boasts nearby power, good road access, gentle topography, and established infrastructure. La Cigarra currently hosts a resource estimate of 18.54 million tonnes containing 51.47 million ounces of silver in the Measured & Indicated categories grading 86.3 g/t silver and 4.45 million tonnes containing 11.46 million ounces of silver in the Inferred category grading 80 g/t silver. The mineralized system at La Cigarra has been traced over 6.5 kilometers and is defined at surface as a silver soil anomaly and by numerous historic mine workings. The La Cigarra silver deposit is open along strike and at depth and is approximately 25 kilometers north, and along strike, of Grupo Mexico's Santa Barbara mine and Minera Frisco's San Francisco del Oro mine. The Promontorio Mineral Belt includes the Company's La Negra high-grade silver discovery and its Promontorio Silver Resource. The Promontorio Mineral Belt is under option to Pan American Silver whereby they can earn a 75% interest in the project with US$16 million of expenditures and payments with Kootenay retaining a 25% carried to production interest (see news release February 16 and March 4, 2016). The Promontorio Silver Resource currently hosts a resource estimate of 44.5 million tonnes containing 92 million ounces of silver equivalent in the Measured & Indicated categories grading 64.3 g/t silver equivalent and 14.6 million tonnes containing 24.3 million ounces of silver equivalent in the Inferred category grading 52 g/t silver equivalent. The Company's core objective is to create value by acquiring silver resources through discovery and acquisition and testing those resources with the ultimate goal of developing them into silver production if they are proven to be economically viable. The information in this news release has been prepared as at November 22, 2016. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay's expectations or any change in events, conditions or circumstances on which any such statement is based. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. This press release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable. James McDonald, CEO and President at +1-403-880-6016; Ken Berry, Chairman at +1-604-601-5652; 1-888-601-5650 or visit: http://www.kootenaysilver.com
News Article | November 10, 2016
MONTREAL, QUEBEC--(Marketwired - Nov. 9, 2016) - Earth Alive Clean Technologies Inc. (CSE:EAC)(CSE:EAC.CN) ("Earth Alive" or the "Company"), a leading Canadian Clean-Tech company, developer and manufacturer of state-of-the-art microbial technology-based products for sustainable agriculture and mining, is pleased to announce that a full scale test of its global patent-pending EA1™ dust suppressant technology has been ordered by Southern Peru Copper Corporation ("SPCC"), a majority-owned, indirect subsidiary of Grupo Mexico S.A.B de C.V. ("Grupo Mexico"). EA1™ is a 100% organic and biodegradable dust control product that uses the latest advances in microbial technology to prevent haul road dust from becoming airborne. The SPCC test order, received by Earth Alive's exclusive distribution partner for EA1™ in Latin America, Brenntag,, is valued at over US$100,000. Testing will be performed at SPCC's Toquepala open pit copper mine in Peru. Southern Peru Copper Corporation is a world-class mining and metallurgical company and one of the largest integrated copper producers in the world. SPCC is committed to the environment, continually working to develop strategies that contribute to the recovery of local ecosystems and an environmental policy, aimed at water, biodiversity and climate change. A priority for SPCC remains environmental responsibility by controlling dust emissions in an environmentally sustainable way, and reducing the use of chemicals and water to control dust. Marcelo Soutullo, Earth Alive's V.P of the Dust Control Division, stated, "In light of our new relationships with Desarrollo de la Región de Atacama in Chile (press release dated September 20, 2016) and Tata Steel Minerals Canada (press release dated August 18, 2016), this newest order in Peru further validates the global need for an environmentally sustainable technology to control road dust. We look forward to confirming additional applications of EA1™ as the mining market conditions improve in Latin America and elsewhere". " Southern Peru Copper Corporation ("SPCC"), a majority-owned, indirect subsidiary of Grupo Mexico S.A.B de C.V. ("Grupo Mexico"), is a world class mining metallurgical company, producer of copper and valuable by-products. The company's mission is to extract mineral resources, to transform and commercialize them, satisfying market requirements, fulfilling SPCC's social and environmental responsibility, and maximizing the creation of value for its shareholders. All of the company's mining, smelting and refining facilities are located in Peru and Mexico, with exploration activities in those countries and Chile. Since 1996, SPCC's common stock is listed on both the New York and Lima Stock Exchanges. Earth Alive aims to be a key player in world markets of environmentally sustainable industrial solutions. The company works with the latest innovations in microbial technology to formulate and patent innovative products that can tackle the most difficult industrial challenges, once only reserved to environmentally harmful chemicals and additives. The company is focused on environmental sustainability in the agriculture industry, and 2) dust control for the mining industry. The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Although Earth Alive believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
News Article | November 22, 2016
TORONTO, ON--(Marketwired - November 22, 2016) - Mining companies were awarded and celebrated last night for their investments in renewable energy at a glittering awards gala and dinner in Toronto. Mining companies from Canada, Chile, Mexico, Australia, and South Africa received awards for their investments in wind and solar technologies at the Energy and Mines Renewables and Mining Awards. "These mining companies, along with their partners from the renewable energy sector, are leading the way to sustainable, affordable, low-carbon energy for mines through these projects and commitments," commented Dr. Andrew Slavin Director, Energy and Mines. "We are delighted to recognize and celebrate their successes." Awards were presented in 12 categories and winners were selected through a combination of independent research, a nominations process and international jury consideration. Over 150 senior mining and renewable energy experts attended the awards gala which was sponsored by the Carbon War Room and Canada Clean Fuels. Best use of Energy Storage (Electrical) at a Mine Site: Glencore - Raglan Mine Best use of Renewables for Mine Transportation - Sponsored by Canada Clean Fuels: Kirkland Lake Gold Renewables in Mining - Visionary of the Year - Sponsored by Carbon War Room: Nick Holland, CEO, Gold Fields Best use of Renewables at a Reclaimed Mine site: Teck Resources Best use of Renewables for Mine Exploration: Avalon Advanced Materials Best use of Solar Thermal: CODELCO Best use of Solar PV in Mining > 100 MW: Antofagasta Minerals Best use of Solar PV in Mining < 100 MW: IAMGOLD Best use of Wind in Mining > 100 MW: Industrias Peñoles Best use of Wind in Mining > 50 MW and < 100 MW: Grupo Mexico Best use of Wind in Mining < 50 MW: Diavik Diamond Mine, Rio Tinto Renewables in Mining - Project of the Year: Sandfire Resources For more information on the Congress and Awards visit: http://worldcongress.energyandmines.com/. About Energy and Mines: Energy and Mines, the leading information source for renewables and energy innovation in mining, has released the final shortlist of international mining companies eligible for awards based on their investments and commitments to renewables. The shortlist includes a geographically diverse group of mining operators with a wide variety of project sizes using wind, solar and solar thermal technologies to power their operations. www.energyandmines.com
News Article | November 21, 2016
CHICAGO & MONTERREY, Mexico--(BUSINESS WIRE)--Fitch Ratings has affirmed the following ratings: Grupo Mexico S.A.B. de C.V. (Grupo Mexico) --Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BBB+'; --Long-Term Local Currency IDR at 'BBB+'. Americas Mining Corporation (AMC) --Long-Term Foreign Currency IDR at 'BBB+'. Southern Copper Corporation (SCC) --Long-Term Foreign Currency IDR at 'BBB+'; --Long-Term Local Currency IDR at 'BBB+'; --Unsecured debt issuances at 'BBB+'. Grupo Ferrovia
News Article | December 8, 2016
MEXICO CITY, Dec. 8, 2016 /PRNewswire/ -- Grupo Financiero Santander México, S.A.B. de C.V. (BMV: SANMEX; NYSE: BSMX) ("Santander México"), one of the leading financial groups in Mexico, today announced it plans to allocate $15 billion Mexican Pesos between 2017 to 2019, for investments...
News Article | October 28, 2016
TORONTO, ONTARIO--(Marketwired - Oct. 28, 2016) - Emerita Resources Corp. (the "Company" or "Emerita") (TSX VENTURE:EMO) is pleased to announce that the Provincial Court of Seville, an appellate court, has ruled in favour of Emerita in its appeal of the lower court's decision that there was not sufficient evidence of any criminal act in the Aznalcóllar project tender process (See press release issued November 25, 2015). The Aznalcóllar project public tender process consisted of two stages. The first stage required bidders to provide detailed corporate information and demonstrate industry expertise. The second stage required submission of a detailed plan for the development of the Aznalcóllar project. After the first stage of the public tender process was completed, the Andalucian government panel responsible for awarding the Aznalcóllar project (the "Panel") determined that the only qualified bidders were Emerita and a group comprised of Minorbis and Grupo Mexico ("Minorbis-Grupo Mexico"). The appeal was heard by four judges of the Provincial Court of Seville (the "Court") who ruled unanimously in Emerita's favour in a 59 page judgement. The judges' decision was based on: (i) Minorbis-Grupo Mexico failing to submit the necessary documentation as required by the tender process; (ii) a failure by the Panel to consider the technical merits of the tender bids; and (iii) granting the mining rights to the Aznalcóllar project to Los Frailes Mining, a company that did not participate in the tender process, contravened applicable laws governing public tenders in Spain. The judges found that there is evidence of gross negligence and misconduct and indicated that there may be evidence of possible corruption and prevarication. As such, the Court has ordered the criminal case to be reopened against the Panel. Emerita's Spanish legal counsel has summarized the key findings from the Court's ruling below. Deficiencies with the Bid by Minorbis Grupo-Mexico The judges found that the bid submitted by Minorbis-Grupo Mexico should not have passed to the second stage of the tender process. The relationship between Minorbis and Grupo Mexico was not properly demonstrated in the documentation submitted to the Panel. Among other things, Grupo Mexico never registered in Spain or with the Spanish consulate, which was a requirement of participation in the Aznalcóllar tender. Further, Minorbis-Grupo Mexico never submitted the necessary documentation demonstrating its solvency, which was a mandatory requirement established in the tender process, as set out by the Panel. The Panel contradicted the tender requirements by declaring that the Minorbis-Grupo Mexico bid was submitted solely by Minorbis and that Grupo Mexico had just provided technical and financial support. The Court determined that this was not possible since Minorbis had been formed just 3 weeks prior to the deadline for submission of the tender, and according to administrative law in Spain, a company participating in a public tender has to demonstrate minimum experience and track record in that particular industry. Failure to Consider the Technical Merits of the Tender Bids The judges concluded that the Panel had failed to consider the technical details of the tender bids. As an example, the Panel did not consider that Emerita's bid contemplated double the investment compared to Minorbis-Grupo Mexico's bid. This decision fails to consider one of the principal objectives of the tender process, promoting investment to the region and creating opportunities for the community. Los Frailes Mining did not Participate in the Tender Process The judges concluded that awarding the Aznalcóllar project rights to Los Frailes Mining, a company that never participated in the tender process, contravened the laws and regulations governing public tenders in Spain. Although it is not clear if it was Minorbis or Minorbis-Grupo Mexico that participated in the tender, the Aznalcóllar project was granted to Los Frailes Mining, a company that was created after the completion of the tender process. The conclusion by the Court is that there are numerous administrative irregularities of a serious nature which occurred during both stages of the public tender process and as such the crime of "Prevarication" cannot be discounted. The judges have ordered the case reopened against the Panel. This is a firm decision by the Court which cannot be appealed. The Court's decision is a lengthy document written in Spanish. The Company is having it translated to English and is working with its Spanish legal advisors to fully analyze the ruling and will provide a more detailed update in the near future. The Company is also seeking advice on the legal process moving forward. The Company's Spanish legal counsel has advised that under Spanish law, if it is found that the awarding of a tender involves the commission of a crime, the tender is automatically awarded to the next qualified bidder. In the Aznalcóllar tender, Emerita is the only qualified bidder. The Aznalcóllar project hosts the past producing Aznalcóllar and Los Frailes zinc-lead-silver deposits. If awarded the tender, the Los Frailes deposit would be Emerita's focus of development for restarting mining operations at the site. The local community is strongly supportive of an environmentally and socially responsible approach to developing the site. According to Joaquin Merino, President and CEO of Emerita; "We are excited by this development. Emerita continues to maintain that its bid was superior and it should have been awarded the Aznalcóllar project pursuant to the tender process. We are fully committed to working with the Government and the community to develop the Aznalcóllar project to the highest environmental and social standards." Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties with a primary focus on exploring in Spain and Brazil. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada. This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Aznalcóllar project, the significance and impact of the Court's rulings, participation in any public tenders, the ability of the Company to be granted any mining rights pursuant to a public tender process, and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate purchased properties or mining rights awarded; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
News Article | November 1, 2015
News Article | October 24, 2015
Hurricane Patricia hit Mexico’s west coast in an area between commercial centers and rapidly broke down into a tropical depression, sparing Latin America’s second-biggest economy from a feared catastrophe. “So far, there are no reports of major damage from Patricia,” President Enrique Pena Nieto said Saturday on Twitter before heading to Manzanillo, a city in the state of Colima, to inspect damages. Evacuations and security measures put in place ahead of the hurricane helped spare lives and infrastructure, Communications and Transportation Minister Gerardo Ruiz Esparza told reporters earlier in the day in Guadalajara, Jalisco, the state most affected. Mexico City-based newspaper El Universal reported on its website that Jalisco endured minor damage with no human casualties. Patricia -- which before making landfall was the strongest storm ever recorded in the Western Hemisphere -- was downgraded to a tropical depression at 10:32 a.m. New York time after hitting Mexico evening near Cuixmala as a Category 5 hurricane, the highest level on the Saffir-Simpson scale. Remnants of Patricia will push across northeast Mexico into coastal sections of Texas Saturday evening, according to the U.S. National Hurricane Center in Miami, causing heavy rain on the western Gulf coast through this weekend. “These rains may produce dangerous flash floods,” the agency said Mexico’s state-owned power company, Comision Federal de Electricidad, said 235,000 customers in the states of Jalisco, Colima and Michoacan suffered service interruptions. By 11 a.m. local time the company has managed to restored power to half of them, the CFE said in a statement posted on its website. Data and voice services provided by Telefonos de Mexico were affected in 29 cities in the states of Jalisco, Colima, Michoacan and Nayarit, El Universal reported on its website, citing a statement from the telecom company controlled by billionaire Carlos Slim. Telmex, as it’s known, is set to re-establish service as soon as possible, the newspaper said. State-owned Petroleos Mexicanos said via Twitter that its gasoline supply was guaranteed, adding the hurricane caused “no major damage” to its operations. In states close to the main path of Patricia, such as Michoacan, homes were damanged and heavy rains will probably cost millions of Mexican pesos to papaya and plantain growers, El Universal reported. Airports at Tepic, Puerto Vallarta and Colima have reopened and operating almost normally, Ruiz Esparza said at about noon Mexico City time. Mining companies such as Canada’s Goldcorp Inc. were not affected. “The impact of the storm has been minimal at the mine site,” Christine Marks, a director of corporate communications, said in an e-mail. “We are experiencing light rain and fog at Penasquito and normal operations continue at this time.” Penasquito is located in state of Zacatecas. Puerto Vallarta, a beach resort destination north of the hurricane’s landfall, was reported to have moderate rain and its main services were unaffected, newspaper Reforma said on its website. More than 10,000 tourists were evacuated from Puerto Vallarta in anticipation of the hurricane, El Universal said. About 400,000 people were considered “vulnerable,” civil protection official Jose Maria Tapia told reporters in Mexico City Friday. “The first reports confirm that the damages have been smaller than those corresponding to a hurricane of this magnitude,” Pena Nieto said Friday night in a televised message to the nation. “We cannot yet let our guard down,” he said. Patricia at landfall packed winds of 160 miles (260 kilometers) per hour, down from 200 mph earlier, according to the U.S. National Hurricane Center in Miami. Patricia struck about 55 miles west-northwest of Manzanillo, Mexico’s busiest container port. Sustained winds were down to 35 miles per hour but “heavy rain threat continues,” the center said Saturday. “Even though Patricia is weakening quickly, strong and damaging winds at higher elevations could persist through this morning,” the hurricane center said. The storm will break up over the mountains of Mexico by Saturday night, the center said. Mexico deployed about 3,000 soldiers and ordered the evacuation of areas close to the hurricane path as the storm approached, Reforma reported Friday. Kinetic Analysis Corp. had projected the storm could cause more than $4.5 billion in damages, with about 16 percent of that total incurred by insurers. Hurricane Patricia forced the closing of ports in Vallarta, Manzanillo and Lazaro Cardenas, according to the Communications and Transportation Ministry. Manzanillo has a liquefied natural gas terminal and a rail line operated by Ferromex, owned by Grupo Mexico SAB and Union Pacific Corp.
News Article | February 27, 2015
Petroleos Mexicanos is negotiating reduced rig rates with all of its providers after the state-owned oil producer posted a ninth straight quarterly loss on slumping crude prices. Pemex is in talks with oil service and jack-up rig providers to reduce daily rates after the board approved cutting more than $4 billion from its 2015 budget last week. The Mexico City-based company will seek cuts that will probably be less than the 35 percent to 40 percent reductions recommended by consulting firm IHS Inc., said Pemex’s exploration and production director. “We have talked with service companies and agreed that actions need to be taken in order to reduce the effect of the impact of the oil price reductions,” E&P Head Gustavo Hernandez said Friday on an earnings conference call. Pemex is analyzing a series of actions to reduce spending after reporting a quarterly net loss of $7.75 billion and a 10 percent decline in sales, Chief Financial Officer Mario Beauregard said on the same call. Crude prices slumped about 50 percent in the past year. Pemex terminated service and drilling contracts with Diamond Offshore Drilling Inc. last week and will announce job cuts in the coming weeks, Beauregard told Radio Formula last week. As many as 10,000 people working at Mexican oil service companies were laid off in early January as Pemex eliminated contracts. Pemex drilled 120 wells in the quarter, 36 percent less than a year earlier. Drilling rig contractors with the most exposure in offshore Mexico are Grupo Mexico SAB unit Perforadora Mexico, with five drilling contracts; Paragon Offshore Plc with seven and Diamond with five rigs, according to Andrew Cosgrove, energy analyst for Bloomberg Intelligence. Pemex’s oil output fell to 2.36 barrels a day in the quarter as production for the year slumped to its lowest level since at least 1990, when the government began recording output data. The company will also trim day rates for supplementary activities such as supplier vessels, helicopters, and hotels so that the company’s meets a production goal of 2.4 million barrels a day this year, Hernandez said.