It may have been the tequila that attracted Brendan Cahill to Mexico in the first place, but one thing’s for sure; the locals sure saw him coming:
“This decision is incomprehensible from a legal and factual perspective and is founded upon a circumstance that never existed,” stated Brendan Cahill, President and CEO. “The amount of the judgment, if upheld in the ultimate written decision, is multiples higher than the value of the option agreement or potential NSR at issue and the Miguel Auza Mine was closed before even reaching production and prior to Excellon’s acquisition of Silver Eagle in 2009. The decision has the potential to impact 90 jobs in the town of Miguel Auza and the economy of northern Zacatecas. The written decision is not yet available and we will advise further following our review. In any event, this decision only has the potential to impact our San Pedro subsidiary and none of our other assets. We continue to operate in the ordinary course and we are evaluating various additional alternatives regarding the matter.”
Advice for all dumb gringo CEOs considering buying a precious metals mine in Latin America: If your brain is not big enough to read the small print, hire a lawyer.