CARSON CITY, Nev., Oct. 11, 2016 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG) (“Mexus” or the “Company”) President Paul Thompson stated today that the outlook for the company has never been better. The company is nearing production having very little debt which is unheard of in the mining industry. The push towards production with the company’s joint venture partner, MarMar Holdings, continues as scheduled at the Santa Elena mine.
Mr. Marco Martinez, CEO of MarMar, stated that the project will start the gold leaching recovery process with a target of 10,000 tons on the leach pad. In addition, he estimates that the initial leach will yield 1 to 1.5 grams of gold per ton with a recovery rate of 76%. The initial pour has the potential to produce 250oz to 360oz of recovered gold which would result in the joint ventures initial start-up costs for this project being paid off. MarMar’s plans are to gradually increase production with the ultimate goal of reaching 10,000 tons per day within 8 months of the first pour. Added Mexus CEO Paul Thompson, “Mexus will be in a positive cash flow position rather quickly once we produce as anticipated which should ultimately lead to significant returns for our shareholders going forward.”
About Mexus Gold US
Mexus Gold US is an American based exploration company with holdings in Mexico. Mexus recently joint ventured its flagship property with MarMar holdings of Mexico. The fully owned Santa Elena mine is located 54km NW of Caborca, Mexico. The JV is currently lining the heap leach pads and ponds with the initial stacking of ore to be completed by the end of October, 2016. Mexus recently added another mine to its portfolio. The San Marco mine is a gold and silver mine which sits in the municipality of Pitiquito, 200km S of Puerto Penasco and 250km NW of Hermosillo, Sonora in the community of Puerto Libertad. This property encompasses a total of 970 acres. The previous owner had identified 110,000oz. of gold through prior geological evaluations. The property is in a 50/50 joint venture with MarMar holdings. Permits for this project are being submitted as of September, 2016. Mexus also owns rights to the Ocho Hermanos property located 80km N of Hermosillo, Mexico. This property contains 6900 acres and has both gold and copper on the mine. The permit to build and access road will be submitted in October, 2016 with the plan to drill the property for future use. 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