Peruvian Judicial ruling confirms Company’s title to all 32 disputed Concessions
November 02 2021 - 9:19PM
American Lithium Corp. (“American Lithium” or the “Company”)
(TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) has been made aware that
the judicial ruling in relation to title to the 32 disputed
concessions on the Falchani and Macusani projects in Peru has been
issued in favour of Macusani Yellowcake S.A.C., the Company’s
Peruvian subsidiary. The ruling restores full title to these
concessions. The presiding judge’s decision was announced in Court
SALA 6, and issued digitally on the afternoon of November 2, 2021
(see Link to Spanish Ruling:
https://cdn-ceo-ca.s3.amazonaws.com/1go377l-10759_sentencia.pdf).
About American
LithiumAmerican Lithium, a member of the TSX 50, is
actively engaged in the acquisition, exploration and development of
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 exploration
and development of its strategically located TLC lithium claystone
project in the richly mineralized Esmeralda lithium district in
Nevada as well as continuing to advance its Falchani lithium and
Macusani uranium development projects in southeastern Peru. Both
Falchani and Macusani have been through preliminary economic
assessments, exhibit strong additional exploration potential and
are situated near significant infrastructure.
The TSX Venture 50 is a ranking of the top
performers in each of 5 industry sectors in the TSX Venture
Exchange over the last year.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website
at www.americanlithiumcorp.com for project update videos and
related background information.
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On behalf of the Board of Directors of
American Lithium Corp.
“Simon Clarke”
CEO & Director
Tel: 604 428 6128
For further information, please contact:
American Lithium Corp. |
|
Email: info@americanlithiumcorp.com |
|
Website: www.americanlithiumcorp.com |
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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 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 ability of INGEMMET or
MINEM to appeal the judicial ruling, and any other 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 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; risks and uncertainties
relating to the COVID-19 pandemic and the extent and manner to
which measures taken by governments and their agencies, American
Lithium or others to attempt to reduce the spread of COVID-19 could
affect American Lithium, 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
judicial appeal process in Peru, and any and all future remedies
pursued by American Lithium and its subsidiary Macusani to resolve
the title for 32 of its concessions; risks regarding the ongoing
Ontario Securities Commission regulatory proceedings; 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 due
to the COVID-19 pandemic; 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, and due to the COVID-19 pandemic measures
taken to reduce the spread of COVID-19, 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 “Risks and Uncertainties” section of Plateau’s Management’s
Discussion and Analysis filed on January 19, 2021, in the “Risk
Factors” section of American Lithium’s Management’s Discussion and
Analysis filed on January 29, 2021, and in recent securities
filings available at www.sedar.com. 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. Cautionary Note Regarding Macusani
Concessions Thirty-two of the 151 concessions held by American
Lithium’s subsidiary Macusani, are currently subject to
Administrative and Judicial processes (together, the “Processes”)
in Peru to overturn resolutions issued by INGEMMET and the Mining
Council of MINEM in February 2019 and July 2019, respectively,
which declared Macusani’s title to 32 of the concessions invalid
due to late receipt of the annual validity payments. In November
2019, Macusani applied for injunctive relief on 32 concessions in a
Court in Lima, Peru and was successful in obtaining such an
injunction on 17 of the concessions including three of the four
concessions included in the Macusani Uranium Project PEA. The grant
of the Precautionary Measure (Medida Cautelar) has restored the
title, rights and validity of those 17 concessions to Macusani
until a final decision is obtained at the last stage of the
judicial process. A Precautionary Measure application was made at
the same time for the remaining 15 concessions and was ultimately
granted by a Court in Lima, Peru on March 2, 2021 which has also
restored the title, rights and validity of those 15 remaining
concessions to Macusani, with the result being that all 32
concessions are now protected by Precautionary Measure (Medida
Cautelar) until a final decision on this matter is obtained at the
last stage of the judicial process. The favourable judge’s ruling
confirming title to all 32 concessions published on November 2,
2021, represents the final stage of the current judicial process.
However, this ruling may be appealed by INGEMMET or MINEM within
five business days. American Lithium has no assurance that an
appeal is, or is not, forthcoming, nor the potential outcome of
such appeals.
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