Mexican Court Confirms Defiance Ownership of the Tepal Project

Rhea-AI Summary

Defiance Silver Corp. (TSXV: DEF) receives a favorable ruling from the Mexican Court to restore ownership of mining concessions for the Tepal Project, nullifying an illegal transfer. The Court confirms Geologix Explorations Mexico, S.V de C.A as the legitimate owner. Chairman Chris Wright expresses confidence in the outcome and looks forward to progressing the copper-gold project.

Vancouver, British Columbia--(Newsfile Corp. - February 14, 2024) - Defiance Silver Corp. (TSXV: DEF) (FSE: D4E) (WKN: A1JQW5) ("Defiance" or the "Company") is pleased to report the favorable ruling of the Mexican Court to restore its rightful ownership to the mining concessions forming part of the Tepal Project. In June 2022, after having been made aware that certain mineral concessions had been illegally and fraudulently transferred to a third party individual without the Company's knowledge or consent (see new release dated June 24, 2022 for the original announcement), the Company commenced legal procedures in Mexico to contest and nullify this illegal transfer.

In its judgement, the Court notably confirmed the nullity of the transfer of the concessions, ordered the cancellation of the such transfer title and recognized Geologix Explorations Mexico, S.V de C.A, a subsidiary of the Company, as legitimate and the rightful owner of the concessions. The judgement will be fully enforceable at the expiration of a 9-day appeal process expiring on February 27, 2024.

Chris Wright, Chairman & Chief Executive Officer declared: "We had always remained confident throughout the judicial process that our rightful ownership rights would be restored. We also understood that the process would take some time as we commenced the legal proceedings in Mexico. Our patience and perseverance has paid off and we are looking forward to advancing this exceptional copper-gold project."

About Defiance Silver Corp.

Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) is an exploration company advancing the district-scale Zacatecas project, located in the historic Zacatecas Silver District and the Tepal Gold/Copper Project in Michoacán state, Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing, and developing several operating mines and advanced resource projects. Defiance's corporate mandate is to expand the San Acacio and Tepal projects to become premier Mexican silver and gold deposits.

On behalf of Defiance Silver Corp.

"Chris Wright"

CEO & Chairman of the Board

For more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at
info@defiancesilver.com
www.defiancesilver.com
Suite 2900-550 Burrard Street
Vancouver, BC V6C 0A3
Canada
Tel: +1 (604) 343-4677
Email: info@defiancesilver.com

Disclaimer

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198022

FAQ

What is the ticker symbol for Defiance Silver Corp.?

The ticker symbol for Defiance Silver Corp. is DEF.

What was the ruling from the Mexican Court regarding Defiance Silver Corp.?

The Mexican Court ruled in favor of Defiance Silver Corp., restoring its ownership rights to the mining concessions for the Tepal Project.

Who was recognized as the rightful owner of the concessions by the Mexican Court?

Geologix Explorations Mexico, S.V de C.A, a subsidiary of Defiance Silver Corp., was recognized as the legitimate owner of the concessions by the Mexican Court.

When will the judgement of the Court be fully enforceable?

The judgement of the Court will be fully enforceable at the expiration of a 9-day appeal process, ending on February 27, 2024.

What did Chairman Chris Wright express regarding the outcome of the legal proceedings?

Chairman Chris Wright expressed confidence in the outcome of the legal proceedings and stated that they are looking forward to advancing the copper-gold project.