In a news release, Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTC; LLJA:FSE) announced that its legal case concerning the awarding of the Aznalcóllar project in Spain to Minorbis and Grupo Mexico is nearing the end.
Five years ago, Emerita alleged wrongdoing by the parties that awarded the project contract. This is because Minorbis-Grupo Mexico allegedly had submitted an incomplete and noncompetitive bid and did not fulfill other tender requirements, which, according to Spanish law, warrants disqualification. Had Minorbis´ bid been excluded, the project would have gone to Emerita, the only other qualifying bidder in the final round.
Following years of police investigation and legal proceedings, ultimately Superior Court judges ruled in favor of Emerita and subsequently denied two appeals brought by the original defendants.
"The final step in the judicial process will be to turn the case over to a judge that will apportion the crime or crimes to the accused individuals and determine the sentences," the release noted. Also a decision should be made as to whether or not Emerita will now be awarded Aznalcóllar, a past-producing property in Spain´s Iberian Pyrite Belt.
If it is, Emerita plans to immediately drill the property and prepare an initial resource estimate.
"We have been committed to developing the Aznalcóllar project since the public tender was originally announced and remain determined to develop it," Emerita CEO David Gower said in the release.
"Emerita took the tender process very seriously and invested approximately $1,000,000 in putting a detailed proposal for all aspects of the project including mine plan, mill development plan, environmental and water management plans, societal and community impact studies, in a nearly 10,000 page submission laying out a modern, safe and environmentally responsible project. By virtue of having already completed this work the Company is best positioned to advance the project efficiently," Gower stated.
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Emerita Resources. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Emerita Resources, a company mentioned in this article.