Following Unanimous Ruling from Superior Court of Peru Confirming Company’s Title to 32 Disputed Concessions, INGEMMET and MINEM Petition the Supreme Court in a Final Attempt to Reverse the Ruling
December 29 2023 - 7:00AM
American Lithium Corp. (“American Lithium” or the “Company”)
(TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) announces that it has
been notified that INGEMMET and MINEM have filed petitions to the
Supreme Court of Peru to assume jurisdiction in the proceedings
relating to the title of 32 disputed concessions out of a total of
174 owned by the Company's subsidiary, Macusani Yellowcake
(“Macusani”). If jurisdiction is established, INGEMMET and MINEM
will attempt to persuade the Supreme Court to overturn the recent
Superior Court ruling in favor of Macusani.
Key facts:
- The Supreme
Court normally only hears cases where the law is claimed to have
been misapplied, where a mistrial has occurred or where a matter of
national security is at stake;
- More than 75% of
petitions to the Supreme Court are rejected before being heard
because they do not meet the required threshold and the Supreme
Court does not assume jurisdiction;
- In this case:
- All previous
court hearings have been ruled in favor of the Company, including a
very strong recent ruling from the Superior Court;
- The Superior
Court unanimously rejected appeals filed by INGEMMET and MINEM in
the first instance and refuted all of their arguments;
- The facts of
this case are clear and the Company has never lost title to these
“disputed” concessions.
- The Company
believes there are no grounds for the Supreme Court to assume
jurisdiction and these petitions should be rejected as soon as
possible to mark the end of this case;
- The Company will
take all other appropriate actions necessary to protect its
interests; and
- This dispute
relates to approx. 18% of the Company’s total concessions on the
Macusani Plateau and it will continue to aggressively develop its
projects in any event.
Simon Clarke, CEO of American Lithium, says:
“Following recent work, Falchani is now the 4th largest hard-rock
lithium project globally and Macusani uranium is one of the largest
pre-construction uranium projects in the world and both have
potential for significant additional growth. Both projects position
Peru to be a major global player in the production of critical
minerals and products that are required to enable the transition to
the new energy economy. This will bring significant economic and
other benefits, not only to the Company but also to the communities
surrounding the projects, the Puno region and Peru as a whole.
Against this backdrop and given the Government
of Peru has recently and repeatedly stressed its desire to see
lithium developed as quickly as possible as an industrial metal,
this attempt to resurrect and prolong this unfounded case is both
frustrating and counter intuitive and clearly runs contrary to
public interest. The facts of the case are clear cut and this
attempt by certain officials within INGEMMET and MINEM to continue
to try to cause confusion and delay and to try to use the
institution of the Supreme Court for their own personal agendas is
frankly disappointing. However, we remain highly confident that
common sense and justice will prevail and that these petitions will
be rejected for the benefit of all stakeholders.”
About American
LithiumAmerican Lithium is actively engaged in the
development of large-scale lithium projects within mining-friendly
jurisdictions throughout the Americas. The Company is currently
focused on enabling the shift to the new energy paradigm through
the continued development of its strategically located TLC lithium
project (“TLC”) in the richly mineralized Esmeralda lithium
district in Nevada, as well as continuing to advance its Falchani
lithium (“Falchani”) and Macusani uranium (“Macusani”)
development-stage projects in southeastern Peru. All three
projects, TLC, Falchani and Macusani have been through robust
preliminary economic assessments, exhibit strong significant
expansion potential and enjoy strong community support.
Pre-feasibility is advancing well TLC and Falchani.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website
at www.americanlithiumcorp.com.
Follow us
on Facebook, Twitter and LinkedIn.
On behalf of the Board of Directors of
American Lithium Corp.
“Simon Clarke”
CEO & Director
Tel: 604 428 6128
Neither the 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 press release.
Cautionary Statement Regarding Forward
Looking InformationThis news release contains certain
forward-looking information and forward-looking statements
(collectively “forward-looking statements”) within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the business plans,
expectations and objectives of American Lithium. Forward-looking
statements are frequently identified by such words as "may",
"will", "plan", "expect", "anticipate", "estimate", "intend",
“indicate”, “scheduled”, “target”, “goal”, “potential”, “subject”,
“efforts”, “option” and similar words, or the negative connotations
thereof, referring to future events and results. Forward-looking
statements are based on the current opinions and expectations of
management and are not, and cannot be, a guarantee of future
results or events. Although American Lithium believes that the
current opinions and expectations reflected in such forward-looking
statements are reasonable based on information available at the
time, undue reliance should not be placed on forward-looking
statements since American Lithium can provide no assurance that
such opinions and expectations will prove to be correct. All
forward-looking statements are inherently uncertain and subject to
a variety of assumptions, risks and uncertainties, including risks,
uncertainties and assumptions related to: American Lithium’s
ability to achieve its stated goals;, which could have a material
adverse impact on many aspects of American Lithium’s businesses
including but not limited to: the ability to access mineral
properties for indeterminate amounts of time, the health of the
employees or consultants resulting in delays or diminished
capacity, social or political instability in Peru which in turn
could impact American Lithium’s ability to maintain the continuity
of its business operating requirements, may result in the reduced
availability or failures of various local administration and
critical infrastructure, reduced demand for the American Lithium’s
potential products, availability of materials, global travel
restrictions, and the availability of insurance and the associated
costs; the ongoing ability to work cooperatively with stakeholders,
including but not limited to local communities and all levels of
government; the potential for delays in exploration or development
activities; the interpretation of drill results, the geology, grade
and continuity of mineral deposits; the possibility that any future
exploration, development or mining results will not be consistent
with our expectations; risks that permits will not be obtained as
planned or delays in obtaining permits; mining and development
risks, including risks related to accidents, equipment breakdowns,
labour disputes (including work stoppages, strikes and loss of
personnel) or other unanticipated difficulties with or
interruptions in exploration and development; risks related to
commodity price and foreign exchange rate fluctuations; risks
related to foreign operations; the cyclical nature of the industry
in which American Lithium operates; risks related to failure to
obtain adequate financing on a timely basis and on acceptable terms
or delays in obtaining governmental approvals; risks related to
environmental regulation and liability; political and regulatory
risks associated with mining and exploration; risks related to the
uncertain global economic environment and the effects upon the
global market generally, any of which could continue to negatively
affect global financial markets, including the trading price of
American Lithium’s shares and could negatively affect American
Lithium’s ability to raise capital and may also result in
additional and unknown risks or liabilities to American Lithium.
Other risks and uncertainties related to prospects, properties and
business strategy of American Lithium are identified in the “Risk
Factors” section of American Lithium’s Management’s Discussion and
Analysis filed on October 16, 2023, and in recent securities
filings available at www.sedarplus.ca. Actual events or results may
differ materially from those projected in the forward-looking
statements. American Lithium undertakes no obligation to update
forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
American Lithium (NASDAQ:AMLI)
Historical Stock Chart
From Jul 2024 to Aug 2024
American Lithium (NASDAQ:AMLI)
Historical Stock Chart
From Aug 2023 to Aug 2024