Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
TORONTO, ONTARIO–(Marketwire – May 23, 2012) – Southeast Asia Mining Corp. (the “Company”) announces that Stephen McIntyre and Kerry Smith have resigned from the board of directors (the “Board”) of the Company.
Steve and Kerry have both decided to resign from the Board due to other professional commitments in the junior mining sector. On behalf of the Board of Directors, Mr. Brian Jennings indicated that both Steve and Kerry made significant contributions during the last several months and the Board would like to thank them for their contributions.
Southeast Asia Mining Corp. is a junior exploration and mining company currently focused in Thailand. The Company’s subsidiary, Southeast Asia Exploration and Mining Co., Ltd. (“SEAM”) has a joint venture with Kanchanaburi Exploration and Mining Co. Ltd. (“KEMCO”) and Boh Yai Mining Co. Ltd. (“Boh Yai”) whereby it may earn an 80% interest in the two companies. KEMCO and Boh Yai are the historical operators of two lead, zinc, silver underground mines and a 1,200 tpd floatation plant which operated from 1969 to 2002 and processed approximately 5.4 million tonnes of ore. The mines were closed in 2002 due to depressed metal prices. KEMCO and Boy Yai, working with SEAM have initiated the process of making an application for mining permits. The Company’s main assets are the joint venture agreement with KEMCO and Boh Yai, four special prospecting licenses, and nine special prospecting licence applications.
Statements in this release that are forward-looking reflect the Company’s current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company’s disclosure filings with Canadian securities regulators. Such statements and information contained herein represent management’s best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.
