New York – AG
Toronto – FR
Frankfurt – FMV
Mexico – AG
VANCOUVER,
Dec. 1, 2014 /CNW/ - FIRST
MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or
"First Majestic") is pleased to announce that the Supreme Court of
Canada has dismissed the leave to
appeal application by Hector Davila
Santos ("Davila Santos") and Minerales y Minas Mexicanas,
S.A. de C.V. ("MMM") against the Company.
As previously announced, on April 24,
2013 the Supreme Court of British
Columbia awarded judgment of CDN$96.3
million (USD $85.0 million) in
favour of First Majestic in the litigation against Davila Santos and MMM. The subsequent appeal of
this judgment by Davila Santos and
MMM was dismissed on June 5, 2014 by
the British Columbia Court of
Appeal for failure by Davila Santos
and MMM to comply with a court order.
On June 27, 2014, Davila Santos and MMM filed an application for
leave to appeal to the Supreme Court of Canada. On November 27,
2014, the Supreme Court of Canada dismissed their application.
Other than the funds of CDN$14.9
million previously obtained by the Company, the Company
has not received any payment of the trial judgment, leaving the
amount of approximately CDN$81.0
million (USD$71.5 million)
unpaid. The Company cautions that it may have to
take additional legal actions to try to recover this amount.
The outcome of any such proceedings is not
presently determinable.
Dollar amounts referred to in judgments are stated in Canadian
dollars and the U.S. dollar equivalents are based on the current
exchange rate and subject to change due to currency exchange rate
fluctuations, including changes to U.S. dollar equivalents
previously reported.
First Majestic is a mining company focused on silver production
in México and is aggressively pursuing the development of its
existing mineral property assets and the pursuit through
acquisition of additional mineral assets which contribute to the
Company achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
"Keith Neumeyer"
Keith
Neumeyer, President & CEO
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "Forward-Looking Statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
laws. When used in this news release, the words "anticipate",
"believe", "estimate", "expect", "target", "plan", "forecast",
"may", "schedule" and similar words or expressions, identify
forward-looking statements or information. These forward-looking
statements or information relate to, among other things: additional
court proceedings and recovery of judgment amounts.
These statements reflect the Company's current views with
respect to future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements or information and
the Company has made assumptions and estimates based on or related
to many of these factors. Such factors include, without limitation,
the recognition of Canadian judgments under Mexican law and the
insufficiency of the defendants' assets to satisfy the judgment
amount.
Investors are cautioned against attributing undue certainty to
forward-looking statements or information. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be anticipated, estimated or intended. The Company
does not intend, and does not assume any obligation, to update
these forward-looking statements or information to reflect changes
in assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by
applicable law.
SOURCE First Majestic Silver Corp.