Odyssey Marine Exploration Provides Update on Mexican Phosphate Project
October 19 2018 - 9:00AM
Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the
field of deep-ocean exploration, received notification late
Thursday afternoon that SEMARNAT repeated their refusal to issue an
environmental permit for the phosphate deposit controlled by
Exploraciones Oceánicas, S. de R.L. de C.V. (ExO) , in direct
contravention of the Order of the Federal Administrative Court. ExO
is a controlled subsidiary of Odyssey.
ExO’s attorneys in Mexico have provided a
preliminary opinion that SEMARNAT’s decision is in clear opposition
to the unanimous ruling and Court Order issued by Mexico’s Federal
Court of Administrative Justice. In addition, SEMARNAT’s response
was issued past the Court’s deadline, and SEMARNAT did not inform
ExO of any new environmental information used as a basis their
decision, as was required in the Court’s Order.
ExO expects its legal team to file a new action
before the Superior Section of the Federal Administrative Court
demonstrating that SEMARNAT is in contempt of the Court’s Order
with a request for sanctions and notification to Mexico’s Internal
Control Unit (Órgano de Control Interno).
“We remain convinced of the viability of this
project and the enormous benefits it will bring to Mexico,” stated
Mark Gordon, Odyssey CEO. “Although we are confident that the
issuance of the environmental permit will take place soon pursuant
to the Court Order, it appears that the current head of SEMARNAT
elected to deny the permit again in order to delay the issuance
until after he leaves office on November 30.”
About Odyssey Marine
Exploration Odyssey Marine Exploration, Inc. (Nasdaq:OMEX)
is engaged in deep-ocean exploration using innovative methods and
state-of-the-art technology to provide access to critical resources
worldwide. Our core focus is the discovery, development and
extraction of deep-ocean minerals. Odyssey also provides marine
services for private clients and governments. For additional
details, please visit www.odysseymarine.com.
Forward Looking
InformationOdyssey Marine Exploration believes the
information set forth in this Press Release may include "forward
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933 and Section 21E of the Securities Act of 1934. Certain factors
that could cause results to differ materially from those projected
in the forward-looking statements are set forth in "Risk Factors"
in Part I, Item 1A of the Company's Annual Report on Form 10-K for
the year ended December 31, 2017, which was filed with the
Securities and Exchange Commission on March 26, 2018. The financial
and operating projections as well as estimates of mining assets are
based solely on the assumptions developed by Odyssey that it
believes are reasonable based upon information available to Odyssey
as of the date of this release. All projections and estimates are
subject to material uncertainties and should not be viewed as a
prediction or an assurance of actual future performance. The
validity and accuracy of Odyssey's projections will depend upon
unpredictable future events, many of which are beyond Odyssey's
control and, accordingly, no assurance can be given that Odyssey's
assumptions will prove true or that its projected results will be
achieved.
Cautionary Note to U.S.
InvestorsThe U.S. Securities and Exchange Commission (SEC)
permits mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms
in this press release, such as "measured", "indicated," "inferred"
and "resources," which the SEC guidelines strictly prohibit us from
including in our filings with the SEC. "Inferred mineral resources"
have a great amount of uncertainty as to their existence, and great
uncertainty 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. U.S. investors are
cautioned not to assume that part or all of the inferred mineral
resource exists, or is economically or legally mineable, and are
urged to consider closely the disclosures in our Form 10-K which
may be secured from us or from the SEC's website at
http://www.sec.gov/edgar.shtml.
CONTACT:
Laura Barton
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2562
laura@odysseymarine.com
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