Pacific Potash’s Mining Rights in Brazil May be Revoked

Pacific Potash Corporation (TSXV:PP) announced that it might lose its mining rights for its Amazonas project in Brazil because of its failure to pay taxes due in early December.

As quoted in the press release,

[The company said] its personnel in Brazil have advised that the funds wired to Brazil in order to make the tax payment due to the DNPM at the beginning of December were not received for unknown reasons and therefore the tax payment was not made by the required deadline.  As a result, management has been advised that the Company’s tenemants in Brazil may be revoked by the DNPM.  The new management team for the Company is working to resolve this matter as soon as possible.

Click here for Pacific Potash Corporation (TSXV:PP) press release