Vancouver, British Columbia – September 21, 2023 – New Mexico Copper Corporation (“NMCC”), owned by THEMAC Resources Group Limited (TSX VENTURE:MAC) (“THEMAC” or the “Company”), has received the decision from the State of New Mexico Third District Court van August 23, 2023 (the “Court”), to reinstate certain water rights for the Copper Flat Project in southern New Mexico (the “Water Rights”).
In September 2021, the Company received a decision from the New Mexico State Court of Appeals with respect to a decision made by the Court in December 2017 which ruled that the Company’s full set of inchoate water rights were extinguished due to an interruption in a plan to develop the rights as required under the State’s Mendenhall Doctrine, and that the Company’s vested water rights at several mine site wells were forfeited or abandoned due to non-use. In an appeal of the District Court’s ruling brought by NMCC and Frost & Gray, the New Mexico State Court of Appeals affirmed the District Court’s ruling in favor of Frost & Gray granting them 861.84 acre feet per year (“afy”), and reversed in part the District Courts rulings regarding the loss of vested rights in the mine site wells, as well as the ruling measuring water rights at the Copper Flat open pit at 34 acre-feet for dust control (the “Previous Decision”). The Appeals Court remanded the matter to the District Court to consider NMCC’s vested rights in certain mine site wells and the open pit.
In the most recent hearing, held June 16, 2022, NMCC and Frost & Gray sought the reinstatement of approximately 898 afy. In a ruling entered August 23, 2023, the District Court recognized the vested rights in seven wells totaling 195.92 afy, as follows:
The Court denied found that NMCC and Frost & Gray did not have any vested rights in the McCravey• Grayback Well and the Dolores (Old El Oro) Well.
The Company’s current water rights now consist of the following:
ABOUT THEMAC RESOURCES GROUP LIMITED
THEMAC is a copper development company with a strong management team and as of May 18, 2011, a 100% ownership interest in the Copper Flat copper-molybdenum gold-silver project in New Mexico, USA. We are continuing to advance the closed copper mine, Copper Flat, in Sierra County, New Mexico, toward production with innovation and a sustainable approach to mining development and production, local economic opportunities, and the best reclamation practices for our unique environment. The Company is listed on the TSX Venture Exchange (ticker: MAC).
For more information please visit www.themacresourcesgroup.com or review the Company’s filings on SEDAR+ www.sedarplus.ca.
FORWARD LOOKING STATEMENTS
This press release includes “forward-looking information” that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Such statements are subject to all of the risks and uncertainties normally incident to such events.Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management’s best judgment based on information currently available. For further information contact:
THEMAC Resources Group Limited
Andrew Maloney
Chief Executive Officer
Phone: +1 505.382.5770