CARSON CITY, Nev., July 20, 2015 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG) (“Mexus” or the “Company”) is pleased to provide an update to its business plan. The company now has 10 different properties it is dealing with. First and foremost is the most recent announcement concerning the Santa Elena/Julio property. As noted in prior press releases, the company announced a deal with a major mining company. Added CEO Paul Thompson, “We are thrilled with our new partner and excited to see their results as they announce them. Our new partner is the right company to take this property to full production.”
The placer operation continues at the Santa Elena with mixed results. The company is reviewing whether continuance of the placer is economically feasible and practical considering our exposure to the joint venture mentioned above. A decision will be made shortly and an announcement made once decided.
The company continues to review with legal counsel its options concerning the San Felix Joint Venture agreement. Shareholders can expect a press release in the near term that will outline what our legal recourse is and what steps will be taken to protect our investment.
Mexus now plans to precede with the development of the Ocho Hermanos-Guadalupe De Ures concessions. This property lies 80km NE of Hermosillo, Sonora, Mexico and consists of approximately 3500 hectares. Within this property sits 9 mining concessions. The first target for exploration is the El Scorpio. The El Scorpio was initially studied by Elias Felix Badilla, a professor at the University of Sonora State, and his father. Elias Felix’s father was a prospector with a keen ability to find mine prospects. In his hunt for gold he found a remote small outcropping and ultimately spent several days digging it out and uncovering it. Samples were taken and assayed showing 1 to 2 ¼ grams gold per ton. At that time, he was looking for 1 ounce gold per ton. Ultimately, and most importantly, the outcropping was shown to contain high grade copper with 9.3% copper per ton in addition to containing 1.5 grams per ton gold and 41 grams per ton silver. Mexus, using a 330 CAT, uncovered this out cropping and discovered it was much larger than first thought. Mexus did a small amount of tri cone drilling to 60ft with similar assay results previously mentioned. Lying in a bowl shaped area and surrounded by mountains there are some that have called the El Scorpio a porphyry deposit. Adjacent to the North and South of the uncovered copper, Mexus has discovered old workings with gold, silver, and galena. The company has hired Geologist Cesar Lemas to begin a geology and mapping report that can be used to present this property to other mining companies. His results will be released as they become available.
About Mexus Gold US
MEXUS GOLD US is an American-based exploration company with holdings in Mexico. Mexus' fully owned Julio/Santa Elena property is located 54km NW of Caborca, Mexico. This property sits in an area which is currently being mined by some of the largest mining companies in the world. Mexus has drill results which show a high grade, multi vein system throughout the property. The company recently signed a JV/Option agreement with Argonaut Gold. Mexus also owns the rights to the Ocho Hermanos property, which is located 80km NE of Hermosillo, Mexico. Preliminary drilling on this property has been extremely promising. The company is moving forward with a drilling program to begin building a reserve for this property. Founded in 2009, Mexus Gold US is committed to protecting the environment, mine safety and employing members of the communities in which it operates.
For more information on Mexus Gold US, visit www.mexusgoldus.com.
Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
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Source:Mexus Gold US