Almaden Minerals requests consultations with Mexico under CPTPP

Almaden Minerals announces that it has delivered to the United Mexican States a Request for Consultations in accordance with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, CPTPP, relating to an investment dispute with Mexico. Almaden sent the Request for Consultations to Mexico’s General Directorate of Legal Consultancy for International Trade. The investment dispute arises out of certain acts and omissions of Mexico in breach of the CPTPP relating to the Company’s investment in the Ixtaca Gold-Silver Project. The Company has suffered substantial harm arising out of Mexico’s conduct in breach of its investment protection obligations under the CPTPP, including: the Mexican Ministry of Economy’s declaration that the Project’s mineral titles were void; Economia’s reassessment of the original applications for the mineral titles holding them to be deficient and unfeasible, contradicting the position previously adopted by it, and violating the Company and its subsidiary’s right to amend or supplement the mineral title applications; and the Mexican Secretariat of Environment and Natural Resources’ delay in issuance and ultimate refusal to issue the Project’s environmental permit. The Request for Consultations enables the Company to initiate arbitration should an amicable resolution of the dispute with the Mexican government not be reached. The filing of the Request for Consultations initiates a six-month consultation period between the parties, during which they are to attempt to amicably settle the dispute. If no settlement is reached in that six-month period, the Company may then initiate international arbitration proceedings against Mexico in accordance with the CPTPP after serving a notice of intent to submit claims to arbitration.