Precious and Base Metal Investing Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Precious and Base Metal Investing

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: russwinter	6/10/2005 8:44:21 AM
	Read Replies (2) of 39344

Metallica Resources Resolves Land Use Issue At Cerro San Pedro Project Friday June 10, 8:30 am ET TORONTO--(BUSINESS WIRE)--June 10, 2005--Metallica Resources Inc. (TSX:MR - News; AMEX:MRB - News) is pleased to report that its wholly owned Mexican subsidiary, Minera San Xavier, S.A. de C.V. (MSX), has received notice that a temporary occupancy agreement (TOA) has been signed by the Federal Mining Bureau and legally registered. Mexican law recognizes mining as a preferred use of the land and as a result provides a mechanism to acquire control of land for the purposes of developing and operating mines. In this case it is land for community use or ejido land. Despite an earlier ordered nullification of the long standing agreement that MSX had with the ejido of Cerro San Pedro for use of the land to access its mineral rights, the courts have never denied MSX legal access to the ground. With receipt of the TOA, MSX will now have federally mandated secure land tenure in terms of accessing its mineral rights for the life of the mine. The receipt of the temporary occupancy agreement, an important milestone for the project, is a long and involved process which includes soliciting comments from all affected parties and land owners in the area; detailed surveys and land evaluations; and paying restitution to the land owners in the form of annual payments. In this particular case, it also involved overcoming a number of legal challenges put forth by opponents of the project. MSX continues to work with various state and federal agencies to secure the blasting permit for 2005 in order to commence the construction of the haul road and other components of the operation. The 2004 explosives permit was issued in October 2004. All blasting permits in Mexico expire at the end of each calendar year. Full construction will commence following successful resolution of the legal challenges to MSX's mining permit. Metallica Resources is a Canadian precious and base metal exploration and development company focused on the Americas. It currently has 82.9 million shares outstanding and approximately US$40 million in cash and cash equivalents, and no debt. For further details on Metallica Resources, please visit the company's website at www.metal-res.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next