Emerita Resources (TSXV: EMO) has seen another positive development in regards to the acquisition of the Aznalcollar property in Spain. The firm has seen the presiding judge on the appeals case reject what has been referred to as a “last ditch appeal.”
While the provincial court has rejected the latest appeal, it must also be reviewed in the Provincial Court of Appeals. This step is expected to be quick, with no new information allowed to be brought forth at this stage. The court has also been consistent throughout the process indicating that the trial should proceed.
With the rejection of this appeal, the case is set to move towards the Oral Trial, where pleas and defenses can be modified before final statements and review of evidence can be made. Notably, investigation of the case has been completed by this stage, with all permissible evidence already provided. The judge will then determine individual penalties for those found guilty in the case.
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Once sentencing is completed, the public tender can be reawarded, as under Spanish law the commission of a crime in a public tender disqualifies a bid. With Emerita being the only other qualified candidate for the property under the public bid, it is expected that the company will receive the property.
“This is an important outcome with respect to the Aznalcollar trial and by extension the awarding of the Public Tender. This brings the process a step closer to a conclusion. Counsel also advises that this phase is generally not a long, protracted process as the investigation is closed and no further evidence can be submitted and appeals to delay the process are no longer permitted,” commented CEO David Gower on the development.
The announcement this morning follows the firm on Monday reporting a total of five drill holes at its Iberia Belt West Project, which is also located in Spain. Highlights from that program include 4.5 metres of 2.4% copper, 11.2% lead, 21.1% zinc, 153.1 g/t silver and 0.54 g/t gold from a single hole, IN010.
Emerita Resources last traded at $1.45 on the TSX Venture.
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