UPDATE: Mexican Court Confirms Defiance Ownership of the Tepal Project

Rhea-AI Summary

Defiance Silver Corp. announces a favorable court ruling in Mexico, restoring ownership of mining concessions for the Tepal Project. The Mexican Court nullifies an illegal transfer of concessions, confirming the Company's subsidiary as the rightful owner. The judgement is enforceable after a 9-day appeal process, showing confidence in the legal proceedings.

***This Release has been updated to include the date the court judgement was issued.

Vancouver, British Columbia--(Newsfile Corp. - February 15, 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, dated February 13, 2024, 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/198050

FAQ

What is the significance of the court ruling for Defiance Silver Corp. (DNCVF)?

The court ruling restores ownership of mining concessions for the Tepal Project to the Company, nullifying an illegal transfer and confirming the Company's subsidiary as the rightful owner.

When was the court judgement issued in Mexico for Defiance Silver Corp. (DNCVF)?

The court judgement was issued on February 13, 2024, with a 9-day appeal process expiring on February 27, 2024.

Who is declared as the legitimate owner of the concessions in the court ruling for Defiance Silver Corp. (DNCVF)?

Geologix Explorations Mexico, S.V de C.A, a subsidiary of the Company, is recognized as the legitimate and rightful owner of the concessions.

What actions did Defiance Silver Corp. (DNCVF) take upon discovering the illegal transfer of concessions?

The Company commenced legal procedures in Mexico to contest and nullify the illegal transfer of concessions upon discovering it had been illegally and fraudulently transferred to a third party individual without its knowledge or consent.

Who is the Chairman and CEO of Defiance Silver Corp. (DNCVF) and what is their statement regarding the court ruling?

Chris Wright, Chairman & Chief Executive Officer, declared that they had always remained confident in the judicial process and are pleased with the restoration of their ownership rights, looking forward to advancing the copper-gold project.