First Majestic Silver reported that the Court of Appeal for British Columbia has dismissed the appeal of Hector Davila and Minerales y Minas Mexicanas, SA de CV (MMM). During April, the Supreme Court of British Columbia awarded judgment of $93.84 million in favor of First Majestic in the litigation against Davila and MMM. This judgment was subsequently appealed. During June, the Court of Appeal for British Columbia ordered Hector Davila and MMM to post security for the unpaid trial judgment in the amount of $79 million or post a letter of credit in that amount within 90 days of the order, with liberty to apply for further directions on the form of security, if necessary. Davila and MMM did not post security or provide a letter of credit and First Majestic applied for an order dismissing their appeal.
First Majestic is a mining company focused on silver production in México and is aggressively pursuing its business plan of becoming a senior silver producer through the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets. The company is achieving aggressive corporate growth objectives.