VANCOUVER, British Columbia, June 06, 2023 (GLOBE NEWSWIRE) -- Silver Bull (“the Company”) announces today that it has taken significant steps in its pursuit of compensation regarding the Sierra Mojada Project. On March 2, 2023, the Company served a Notice of Intent with Mexico to initiate a legacy NAFTA claim, seeking damages resulting from the unlawful blockade of its project.
In conformity with NAFTA’s dispute resolution provisions, Mexico extended an invitation for Company representatives to a meeting held in Mexico City on May 30, 2023. The purpose of the meeting was to explore the possibility of reaching an amicable settlement and avoid arbitration. Under NAFTA, the parties had 90 days to mutually resolve the matter, which expired on June 2, 2023.
The Company was represented at this meeting by Brian Edgar, Chairman, two experienced local lawyers, and the Company’s London-based senior legal counsel specializing in representing mining companies in disputes with governments, Timothy Foden of Boies Schiller Flexner LLP.
The next phase of the process entails the Company filing a Request for Arbitration in mid-June, formally commencing the arbitration proceedings. The claim filed by Silver Bull will be for not less than US$178 million dollars.
Having filed the Notice of Intent, Silver has appointed Boies Schiller Flexner LLP, and terminated the engagement of arbitration consultant Mr. Erinn Broshko.
Management is confident that it has successfully assembled the right team to pursue a favorable outcome in the arbitration.
On behalf of the Board of Directors
“Tim Barry”
Tim Barry, CPAusIMM
Chief Executive Officer and Director
INVESTOR RELATIONS:
1 604 687 5800 info@silverbullresources.com
Cautionary note regarding forward looking statements: This release may contain certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Any forward-looking statements in this document are intended to provide Silver Bull security holders and potential investors with information regarding Silver Bull, including management's assessment of Silver Bull’s future plans and financial outlook. Any forward-looking statements reflect Silver Bull's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the company’s filings under Silver Bull’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
