MXOM litigation news, 5pm 7/22, FYI;
TORONTO, ONTARIO--(Marketwired - Jul 22, 2014) - Pan American Goldfields Ltd (OTCQX:MXOM) (the "Company") is pleased to announce that the Judge of the Eighth Civil Court of the Morelos Judicial District has ruled in favor of Sunburst Mining de México SA de CV ("Sunburst"), a wholly-owned subsidiary of the Company, to force MRT to fulfill all its contractual obligations despite the lawsuit (mercantile ordinary procedure) filed by Corporativo Minero with the Second Civil District Court of the Morelos District, Chihuahua (the "Lawsuit"). According to the production agreements between MRT and Sunburst Mining de México SA de CV / Pan American Goldfields Ltd, MRT has to pay Sunburst de México the money owed to it for the production of the last quarter of 2013 and provide monthly and quarterly financial reports of the operation and audit the books of the operation on an annual basis and cooperate and act in good faith to assist Pan American Goldfields with its disclosure and audit requirements.
Mr Emilio Alvarez, the Company's CEO stated: "The Court ruling to enforce MRT's obligations is a positive development for Pan American Goldfields and all its stakeholders, including employees, shareholders and service providers who have supported the company throughout this period. We will be in position to file the audited accounts and annual report as soon as the accounts of the Cieneguita operation have been audited".
The Company believes the lawsuit filed by Corporativo Minero with the Second Civil District Court of the Morelos District, Chihuahua (the "Lawsuit"), is without merit and refutes all the claims vigorously. Sunburst is awaiting the ruling of the Court in the next few weeks and will communicate on any new development.
Emilio Alvarez, CEO
Pan American Goldfields Ltd.
About Pan American Goldfields Ltd.
