VANCOUVER, British Columbia,
May 24, 2017 /CNW/ -- Tahoe
Resources Inc. (TSX: THO, NYSE: TAHO) ("Tahoe" or the
"Company") today reported that the Company has learned that an
anti-mining organization, CALAS, has filed a claim against
Guatemala's Ministry of Energy and
Mines ("MEM") alleging that MEM violated the Xinca indigenous
people's right of consultation in advance of granting the Escobal
mining license to Tahoe's Guatemalan subsidiary, Minera San Rafael.
The last official census shows the San Rafael community to be
overwhelmingly non-indigenous. Based on the lack of indigenous
communities in or around the mine, and the fact that both MEM and
Minera San Rafael participated in
and documented hundreds of public and private meetings and open
consultations in and around the mine area dating back to 2010, the
Company believes that the claim by CALAS is without merit.
Minera San Rafael consulted with a
number of indigenous people during its many meetings.
Ron Clayton, President and CEO of
Tahoe Resources Inc., commented: "This is an attempt by an
anti-mining NGO to oppose mining and other development in
Guatemala despite the many
benefits that these projects bring to local communities. Given the
extensive consultation and socialization process followed by both
MEM and Minera San Rafael leading to
issuance of the Escobal license, we are confident that the current
claim is without merit. We responsibly conduct our business
in alignment with international standards and consistently
demonstrate an on-going commitment to Guatemalans through
employment, skills training, tax and royalty payments and
sustainability programs. As a result, we continue to enjoy
significant community and government support within the
country. This is best demonstrated by the success of our
Escobal operation since we reached commercial production in
January 2014."
Under Guatemalan law, MEM has 48 hours from the date of notice
(May 23, 2017) to issue a response to
the Supreme Court, after which the Supreme Court is expected to
issue an initial ruling in the next four weeks.
The claim has had no impact on existing operations at the mine
which continues to meet or exceed the Company's 2017 guidance.
About Tahoe Resources Inc.
Tahoe's strategy is to responsibly operate mines to world
standards, to pay significant shareholder dividends and to develop
high quality precious metals assets in the Americas. Tahoe is a
member of the S&P/TSX Composite and TSX Global Mining indices
and the Russell 3000 on the NYSE. The Company is listed on the TSX
as THO and on the NYSE as TAHO.
Forward-Looking Statements
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation, and
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995
(collectively referred to as "forward-looking statements"). In
particular, this news release includes forward-looking statements
related to the timing of MEM's response, the timing of the Supreme
Court's ruling, as well as the Company's expectation that the CALAS
claim has no merit and that the Company's position will
prevail.
Forward-looking statements are based on management's reasonable
assumptions, estimates, expectations, analyses and opinions, which
are based on management's experience and perception of trends,
current conditions and expected developments, and other factors
that management believes are relevant and reasonable in the
circumstances, but which may prove to be incorrect. Assumptions
have been made regarding, among other things: the price of silver,
gold and other metals; plant equipment and processes operating as
anticipated; there being no material variations in the current tax
and regulatory environment; the Company's ability to operate in a
safe, efficient and effective manner; the exchange rates among the
Canadian dollar, Guatemalan quetzal, Peruvian nuevo sol and
the United States dollar remaining
consistent with current levels; and the Company's ability to obtain
financing as and when required and on reasonable terms. Readers are
cautioned that the foregoing list is not exhaustive. Tahoe's actual
results, programs and financial position could differ materially
from those anticipated in such forward-looking statements as a
result of numerous factors, risks and uncertainties, many of which
are beyond the Company's control. These include, but are not
necessarily limited to, legislative changes that impact mining
operations in Canada, Guatemala and/or Peru; results of exploration activities and
development of mineral properties; the uncertainty in geologic,
hydrological, metallurgical and geotechnical studies and opinions;
social unrest and political or economic instability in Guatemala and/or Peru; risks associated with illegal mining
activities by unauthorized individuals on the Company's mining or
exploration properties; the uncertainties of resource and reserve
estimations; receipt and security of mineral property titles;
receipt of licenses to conduct mining activities; the timing and
possible outcome of pending litigation; cost overruns or
unanticipated costs and expenses; the availability of funds;
fluctuations in metal prices; currency fluctuations; and general
market and industry conditions. There is no assurance that
forward-looking statements 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 statements. Tahoe does not
undertake to update any forward-looking statements, except as, and
to the extent required by, applicable securities laws. For a
further discussion of risks relevant to the Company, see the
Company's Annual Information Form available on www.sedar.com under
the heading "Description of Our Business – Risk Factors."
For further information, please contact:
Tahoe
Resources Inc.
Mark Utting, Vice President,
Investor Relations
investors@tahoeresources.com
Tel: 416-703-6298
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tahoe-reports-on-legal-claim-in-guatemala-300462974.html
SOURCE Tahoe Resources Inc.