Plateau Energy Metals Provides Update on Administrative Appeals
Plateau Energy Metals Provides Update on Administrative Appeals
TORONTO, ONTARIO, October 17, 2019 – Plateau Energy Metals Inc. (“Plateau” or the “Company”) (TSX-V: PLU | OTCQB: PLUUF) reports that in adherence to the 90-day deadline prescribed by the Ministry of Energy and Mines in Peru (“MINEM”), the Company’s subsidiary, Macusani Yellowcake S.A.C. (“Macusani”), has commenced the judicial process (Demanda Contencioso Administrativa) to overturn the Mining Council’s decision to support INGEMMET’s resolution that deemed 32 mineral concessions invalid for late good standing fee payments. The final objective of this judicial process is to maintain valid title of ownership of these 32 mining concessions and to stop the Institute of Geology Mining and Metallurgy’s (“INGEMMET”) further advancement of the administrative process to invalidate the titles.
INGEMMET has posted documents for ten (10) of the 32 concession appeals (“Recursos de Nulidad” or “Recursos”) filed by Macusani in August 2019, which simply state:
- It is not the Mining Council’s place to consider these Recursos; and
- Macusani is invited to pursue the judicial process to resolve this.
There is no acknowledgement of the facts and arguments presented in the Recursos as being taken into consideration.
The Company took the decision to initiate the judicial process earlier as a precautionary measure, should the administrative process be fully exhausted. The administrative process continues within MINEM. The judicial process, should it be fully pursued, will be against the Mining Council’s decision to support INGEMMET’s resolution that deemed the 32 concessions invalid. Subsequent to the first Mining Council resolutions, the Company supplemented its strong existing in-house legal team with the addition of two legal firms and a legal advisor with expertise in mining and administrative laws and judicial processes.
The Recursos were filed with the objective of offering the Mining Council a strong motivation to rule in favour of a self-change of opinion (Nulidad de Oficio), which is permitted under Peruvian law. Considering this legal aspect, Macusani continues and insists with the administrative procedure as part of its dual track approach.
The INGEMMET online database has been updated to include 10 of the concessions as in the “process of change” and it is expected the remaining 22 concessions will be updated the same way in due course.
The INGEMMET database continues to reflect the concessions are in good standing, however it is possible this could change in time unless the administrative process, which remains open, results in a change of the Mining Council’s first resolution (Nulidad de Oficio). A Nulidad de Oficio or “self-change resolution” is how the Mining Council resolutions have been changed in past precedents and typically the Mining Council does not officially consider the Recursos as the basis for change. It is a complex series of layers of administration that contributes to the Company’s need to pursue multiple avenues to resolve this unjust matter.
About Plateau Energy Metals
Plateau Energy Metals Inc., a Canadian exploration and development company, is enabling the new energy paradigm through exploring and developing its Falchani lithium project and Macusani uranium project in southeastern Peru, both of which are situated near significant infrastructure.
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Plateau Energy Metals Inc.
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 release.
Forward Looking Statements
This 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 with respect to: (i) the final result of the initiated administrative process and judicial process; (ii) the outcome of any and all future remedies pursued by Plateau and its subsidiary Macusani to resolve the title for 32 of its concessions; and (iii) the status of the Company’s concessions in the INGEMMET database.
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. Although the Company 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 the Company 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 and uncertainties relating to the outcome of the administrative process, the judicial process, and any and all future remedies pursued by Plateau and its subsidiary Macusani to resolve the title for 32 of its concessions; the ongoing ability to work cooperatively with stakeholders, including but not limited to local communities and all levels of government; 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; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; the potential for delays in exploration or development activities; risks related to commodity price and foreign exchange rate fluctuations; risks related to foreign operations; the cyclical nature of the industry in which we operate; 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 certainty of title to our properties; risks related to the uncertain global economic environment; and other risks and uncertainties related to our prospects, properties and business strategy, as described in more detail in the Company’s MD&A filed on August 22, 2019 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 and Plateau cautions against placing undue reliance thereon. Except as required by applicable securities legislation, neither Plateau nor its management assume any obligation to revise or update these forward-looking statements.