CARSON CITY, Nev., Jan. 17, 2017 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG) (“Mexus” or the “Company”) announced that after careful deliberation the Company has determined to acquire the concessions comprising the San Felix Project. Mexus has entered into land surface use agreements and concession purchase agreements for various land parcels which expired under the prior owner’s failure to pay. The agreements require a cash payment with term payments to the respective owners. The Company also announces the execution of an agreement with MarMar Holdings Inc. whereby each company owns a 50% share of the San Felix Project and designates MarMar Holdings Inc. as the operator of the daily production activities. Other provisions of the agreement are similar to our agreement with MarMar Holdings Inc. covering the Santa Elena Project. Included in this agreement is the addition of 6 concessions by MarMar Holdings Inc. which brings the total area of the San Felix Project to approximately 26,570 acres. Situated on the property is an approximate 3 million ton leach pad in place and a 1600 GPM Merrill Crow gold recovery system. Having the leach pad and recovery system in place will greatly reduce the time and cost to bring this mine into production. Mr. Marco Martinez, CEO of MarMar Holdings Inc., owns heavy mining equipment which is stored 45km north of the San Felix project. This machinery can be mobilized in a short period of time which reduces the significant expense associated with equipment hauling. Initially, MarMar Holdings Inc. has a goal to produce 10,000 tons a day with output increasing over time. The Company possesses geological reports, mapping, drill results and sampling data which indicate a potential 1,000,000oz gold equivalent.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b54804f1-720f-4f38-909c-f1e75f2724df
Future expenditures will include additional equipment, labor quarters, and other minor improvements. MexusGoldUS is currently working on obtaining conventional financing that will allow for these upgrades to be made.
Santa Elena Mine
The crew at the Santa Elena mine is back to full speed after the normal holiday slow down. Progress continues which will allow for production start-up prior to the San Felix mine. Mexus’ commitment remains steadfast in getting the Santa Elena into production which is keeping with our commitment to the shareholders of MexusGold US.
“This is truly an exciting time for Mexus. The San Felix is a historical property in Mexico that was mined by the Spaniards in the 1600’s. In approximately 6-9 months we will have 2 fully operational mines in the Santa Elena and the San Felix,” added Mexus CEO Paul Thompson.
WEBSITE WILL BE UPDATED WITH DETAILED MAPPING AND INFORMATION ON THE SAN FELIX MINE
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 begin in the first part of 2017. The company also is a partner with MarMar holdings at the San Felix mine in Northern Mexico. This 26,000 + acre property is ready for production which is planned for the first half of 2017. 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