Aclara Announces Positive Ruling Related to Madesal Arbitration Proceeding
ACLARA ANNOUNCES POSITIVE RULING RELATED TO MADESAL ARBITRATION PROCEEDING
TORONTO, ON, November 2, 2022 – Aclara Resources Inc. (“Aclara” or the “Company”) (TSX: ARA) is
pleased to announce that an arbitrat or of the Arbitration Center of the Santiago Chamber of Commerce
(“ACSCC”) has recently rendered a final ruling in favour of Aclara in connection with the previously disclosed
arbitration proceeding between the Company and Madesal SpA (“ Madesal”), providing for no specific
performance nor payments of any kind to be made by the Company to Madesal.
The grounds for the arbitration, which was initiated by Madesal before the ACSCC, was its claim of an alleged
violation of preparatory agreements execut ed between the parties in 2014 and 2015 (the “ MOU and its
Addendum”) pursuant to which Madesal would grant to the former owner of the Penco Module a mining
easement over its property called “Fundo El Cabrito” for the future development of the Penco Module. As
consideration for the easement, and recognizing the strategic value of the Fundo El Cabrito property, Madesal
was granted a royalty over the future production of rare earths mined on t he said property. Nevertheless, it
was subsequently decided for technical and environm ental reasons that the Penco Module would be
developed in a different location and that, as a result, no mining would take place on Madesal’s property.
Madesal had been seeking specific performance of t he obligations allegedly derived from the MOU and its
Addendum, plus damages, which amounted to approximately US$30 million.
The ruling of the arbitrator, Mr. Roberto Guerrero del Rio, of the ACSCC was rendered on October 28, 2022,
however, the outcome of the ruling was not disclosed to the Company until it was served with the ruling today.
About Aclara
Aclara is a development-stage rare earth mineral resources company located in Chile. Aclara is initiating the
development of its resources through a project called the Penco Module (the “Penco Module”), which covers
a surface area of approximately 600 hectares and which ha s ionic clays that are rich in rare earth elements.
Aclara is currently focused on the development and on the future construction and operation of the Penco
Module, which will aim to produce a rare earth concentrate through a processing plant that will be fed by clays
from nearby deposits. Aclara’s unique extraction process offers several advantages such as: no blasting,
crushing or milling required; no tailings dam; minimal water consumption due to a high level of water
recirculation; amenable leaching with a fertilizer; and no radioactivity.
For further information, please contact:
Ramon Barua
Chief Executive Officer