Odyssey Marine provides update on legal filing for Mexican phosphate project
Odyssey Marine Exploration has been informed that on October 22, 2018, legal counsel for Exploraciones Oceanica filed an action before the Superior Section of the Mexican Federal Administrative Court. ExO is a controlled subsidiary of Odyssey. The filing includes SEMARNAT's recent refusal to issue an environmental permit for ExO's phosphate deposit, which was received by ExO on October 18, 2018. SEMARNAT's decision was in clear opposition to the Court's 11-judge unanimous ruling and Court Order of March 21, 2018. The filing requests that the Court impose a fine on the Minister of SEMARNAT and inform Mexico's Internal Control Unit of SEMARNAT's contempt of court. In addition, the filing requests that the Court require SEMARNAT to promptly issue the environmental permit as directed in the Court Order. The filing further requests that, if SEMARNAT refuses to comply with the Court Order, the Court notify the Federal Prosecutor for potential criminal prosecution for the felony of contempt of court. "We have full faith and confidence in our Mexican legal team and the rule of law in Mexico. We believe that justice will prevail in the near future," stated Mark Gordon, Odyssey CEO. "We remain confident in the extensive scientific testing and modeling conducted by subject matter experts that demonstrate the ability to safely and cost effectively recover phosphate from this offshore deposit."