Real del Monte Mining Corporation Announces Notice from Principal Shareholder and Financial Restructuring.SAN ANTONIO--(BUSINESS WIRE)--May 26, 1999-- Real del Monte Real del Monte (officially Mineral del Monte) is a small town and municipality in Hidalgo state in central Mexico, lying at an altitude of 2700 metres (8,800 ft). for more about Real del Monte visit [1] History Mining Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :RMM RMM Mali (international vehicle registration) RMM Remote Management Module (SMC) RMM Relative Molecular Mass RMM Removable Media Manager RMM Read My Mind RMM Rio Music Manager ) announced today that its principal shareholder, Grupo Acerero del Norte, S.A. de C.V. (GAN), has obtained a judgement providing for a suspension of payments. This judgement was granted pursuant to the federal laws of the United States of Mexico. As previously announced, GAN is no longer in a position to provide needed financial support to the Corporation. Real del Monte Mining Corporation's financial position remains extremely precarious and it has exhausted its existing financial resources. The Board of Directors has instructed management to immediately commence negotiations with creditors to consider a restructuring failing which an insolvent liquidation of the Corporation will ensue. The Corporation also announced today that it is not in a position to send its audited financial statements to shareholders. Nor is the Company able to file the statements with the relevant securities regulatory authorities as required by the relevant securities laws and regulations of Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. of America. Real del Monte Mining Corporation is a San Antonio-based multinational mining company producing silver, gold, and copper from three operating properties in the United States and Mexico. The Company's total reserves include 66.2 million ounces of silver and 594,000 ounces of gold as of December 31, 1997. The Company's principal property is the Pachuca silver mine (resources of 86.5 million ounces of silver and 457,000 ounces of gold), which has continuously produced silver for five centuries in central Mexico north of Mexico City. The Company's shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol RMM and on the Stuttgart, Berlin, and Frankfurt Exchanges under the symbol RMI (Remote Method Invocation) A standard from Sun for distributed objects written in Java. RMI is a remote procedure call (RPC), which allows Java objects (software components) stored in the network to be run remotely. . Statements in the release that are not historical data are forward looking and involve a number of risks and uncertainties. These risks include but are not limited to the price of commodities, currencies, production, construction, and permitting or regulatory delays, reserve estimation of tonnage, grade and metallurgical recoveries, exploration success and reserve growth, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , capital costs, and other risks that are detailed in the Company's SEC filings. |
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