Andean Precious Metals Provides Update on Master Services Agreement Dispute with Silver Elephant
Andean Precious Metals (TSXV: APM, OTCQX: ANPMF) has issued a statement regarding its dispute with Silver Elephant Mining over their Master Services Agreement (MSA) dated September 11, 2023. The company denies any default allegations, including a US$1 million payment obligation, and considers Silver Elephant's MSA termination wrongful. Andean claims Silver Elephant failed to fulfill several material obligations, including maintaining its Mining Production Contract with COMIBOL and providing necessary access for oxide minerals mining. The company is working with legal counsel to dispute the termination while sourcing replacement tonnage from alternative suppliers to maintain operational continuity.
Andean Precious Metals (TSXV: APM, OTCQX: ANPMF) ha emesso una dichiarazione riguardo alla sua controversia con Silver Elephant Mining sul loro Contratto di Servizi Master (MSA) datato 11 settembre 2023. L'azienda nega qualsiasi accusa di inadempienza, inclusa un'obbligazione di pagamento di 1 milione di dollari USA, e considera ingiusta la risoluzione del MSA da parte di Silver Elephant. Andean sostiene che Silver Elephant non ha adempiuto a diverse obbligazioni materiali, inclusa la manutenzione del suo Contratto di Produzione Mineraria con COMIBOL e la fornitura di accesso necessario per l'estrazione di minerali ossidati. L'azienda sta collaborando con consulenti legali per contestare la risoluzione mentre cerca tonnellate sostitutive da fornitori alternativi per mantenere la continuità operativa.
Andean Precious Metals (TSXV: APM, OTCQX: ANPMF) ha emitido una declaración sobre su disputa con Silver Elephant Mining en relación con su Acuerdo de Servicios Maestro (MSA) fechado el 11 de septiembre de 2023. La empresa niega cualquier acusación de incumplimiento, incluida una obligación de pago de 1 millón de dólares estadounidenses, y considera que la terminación del MSA por parte de Silver Elephant es injusta. Andean afirma que Silver Elephant no cumplió con varias obligaciones materiales, que incluyen mantener su Contrato de Producción Minera con COMIBOL y proporcionar acceso necesario para la extracción de minerales oxidados. La empresa está trabajando con asesores legales para impugnar la terminación mientras busca tonelaje de reemplazo de proveedores alternativos para mantener la continuidad operativa.
안데안 귀금속 (TSXV: APM, OTCQX: ANPMF)는 2023년 9월 11일자로 체결된 실버 엘레판트 마이닝과의 마스터 서비스 계약(MSA)에 관한 분쟁에 대한 성명을 발표했습니다. 이 회사는 100만 달러의 지급 의무를 포함한 이행 불이행 주장에 대해 부인하고 있으며, 실버 엘레판트의 MSA 해지를 부당하다고 간주합니다. 안데안은 실버 엘레판트가 COMIBOL과의 채굴 생산 계약 유지를 포함한 여러 중요한 의무를 이행하지 않았다고 주장하고 있습니다. 이 회사는 법률 자문과 협력하여 해지에 이의를 제기하면서 운영의 연속성을 유지하기 위해 대체 공급업체로부터의 대체 물량을 조달하고 있습니다.
Andean Precious Metals (TSXV: APM, OTCQX: ANPMF) a publié une déclaration concernant son litige avec Silver Elephant Mining au sujet de leur Accord-cadre de services (MSA) en date du 11 septembre 2023. La société rejette toute accusation de défaut, y compris l'obligation de paiement d'un million de dollars américains, et considère que la résiliation de l'MSA par Silver Elephant est injustifiée. Andean affirme que Silver Elephant n'a pas respecté plusieurs obligations matérielles, y compris le maintien de son Contrat de Production Minière avec COMIBOL et la fourniture d'un accès nécessaire pour l'exploitation minière des minéraux oxydés. L'entreprise collabore avec des conseillers juridiques pour contester la résiliation tout en recherchant des tonnages de remplacement auprès de fournisseurs alternatifs afin de maintenir la continuité opérationnelle.
Andean Precious Metals (TSXV: APM, OTCQX: ANPMF) hat eine Erklärung zu seinem Streit mit Silver Elephant Mining über ihren Master Services Agreement (MSA) vom 11. September 2023 abgegeben. Das Unternehmen weist jegliche Vorwürfe des Vertragsbruchs zurück, einschließlich der Verpflichtung zur Zahlung von 1 Million US-Dollar, und hält die Kündigung des MSA durch Silver Elephant für unrechtmäßig. Andean behauptet, dass Silver Elephant mehrere wesentliche Verpflichtungen nicht erfüllt hat, darunter die Aufrechterhaltung seines Mining Production Contracts mit COMIBOL und die Bereitstellung des erforderlichen Zugangs für den Abbau von oxidischen Mineralien. Das Unternehmen arbeitet mit rechtlichen Beratern zusammen, um die Kündigung anzufechten, während es Ersatztonnen von alternativen Anbietern beschafft, um die betriebliche Kontinuität aufrechtzuerhalten.
- Company actively securing alternative oxide mineral suppliers to maintain operations
- Legal dispute over Master Services Agreement could lead to litigation costs
- Disruption in mineral supply chain due to contract termination
- Potential US$1 million payment dispute
Toronto, Ontario--(Newsfile Corp. - December 31, 2024) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF) ("Andean", or the "Company") provides an update regarding the Master Services Agreement ("MSA") with Silver Elephant Mining Corp. ("Silver Elephant"), dated September 11, 2023.
Andean denies allegations of any default by Andean under the MSA, including the payment obligation of US
The Company is actively working with outside legal counsel to address this matter and intends to dispute the wrongful termination of the MSA.
In the meantime, Andean has been diligently sourcing replacement tonnage from other suppliers to mitigate the impact of Silver Elephant's actions and ensure the continuity of its operations.
About Andean Precious Metals
Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in the Americas. The Company owns and operates the San Bartolomé processing facility in Potosí, Bolivia and the Soledad Mountain mine in Kern County, California, and is well-funded to act on future growth opportunities. Andean's leadership team is committed to creating value; fostering safe, sustainable and responsible operations; and achieving our ambition to be a multi-asset, mid-tier precious metals producer.
For more information, please contact:
Amanda Mallough
Director, Investor Relations
amallough@andeanpm.com
T: +1 647 463 7808
Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
Certain statements and information in this release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.
Forward-looking statements in this release include, but are not limited to, statements and information regarding the dispute with Silver Elephant regarding the MSA and the sourcing of replacement tonnage from other suppliers. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: the Company's ability to carry on exploration and development activities; the Company's ability to secure and to meet obligations under property and option agreements and other material agreements; the timely receipt of required approvals and permits; that there is no material adverse change affecting the Company or its properties; that contracted parties provide goods or services in a timely manner; that no unusual geological or technical problems occur; that plant and equipment function as anticipated and that there is no material adverse change in the price of silver, costs associated with production or recovery. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct, and you are cautioned not to place undue reliance on forward-looking statements contained herein.
Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this release include, but are not limited to: risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks relating to possible variations in reserves, resources, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; 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 or the completion of feasibility studies; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity price and foreign exchange rate fluctuations; the uncertainty of profitability based upon the cyclical nature of the industry in which the Company operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental or local community approvals or in the completion of development or construction activities; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment; and other factors contained in the section entitled "Risk Factors" in the Company's MD&A for the three and nine months ended September 30, 2024.
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in this release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235687
FAQ
What is the dispute between Andean Precious Metals (ANPMF) and Silver Elephant about?
How is ANPMF addressing the supply disruption from the Silver Elephant contract termination?
What obligations did Silver Elephant allegedly fail to fulfill under the MSA with ANPMF?
What legal actions is ANPMF taking regarding the MSA dispute?
