CABORCA, Mexico, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG)(“Mexus” or the “Company”) announced today that a small amount of gold has been sold as a result of its joint venture operation at the Santa Elena mine. MexusGold S.A. de C.V.’s operating partner, MarMar Holdings, has informed Mexus that 8.2 oz of gold was produced in a test run and subsequently sold. Mexus was hoping for more production having tests from the heap leach pad showing an average of 4.1 grams per ton Au. It is the belief of Mexus that the head engineer for MarMar, who was previously running the mine, may have introduced chemicals to the pad which has made recovery difficult. As previously stated, MarMar has brought in a new engineer whom they believe has the experience and knowledge to correct the issues. Mexus advisors Robert Garcia and Cesar Lemas both agree that this engineer does have the necessary skills to get the job done. This particular manager is making necessary adjustments to the leach pad and is confident that he can recover the gold.
MexusGold MX, a wholly owned subsidiary of MexusGold US, continues to work towards production at the fully permitted Ures property in Hermosillo, Mexico. President of MexusGold MX, Cesar Lemas, and advisor Elias Badilla continue to assay and map the property to determine the best area to begin mining. Their assaying is showing 5 to 10 grams Au per ton. The VAT gold recovery system is currently under construction in Walnut Grove, CA. It is expected that this system will be completed within a week at which time it will be shipped to Mexico. The VAT system is capable of holding 100 tons of material and the contained material will leach in approximately 72 hours with a 76% or higher recovery rate. The operation will take 4 men to load and unload the ore and process the resulting material. Mr. Lemas plans to do 200 tons a week seeking an average of 5 grams per ton Au. This would provide 32 oz of gold per week at a cost of $150 per oz produced. An additional tank will be moved on site once the initial system is running efficiently which will lower the cost per oz and increase production.
Mexus CEO Paul Thompson added, “The Santa Elena results to date are disappointing. We were expecting to be producing a significant amount of gold by now. I’m hopeful that MarMar will get the job done as we know that there is gold on the leach pad and on the property in general. I will get updates to our shareholders as we receive additional information. I’m optimistic that MarMar has the right staff on site to get the gold from the leach pad. We are pushing forward with our other properties and the outlook for these is extremely promising. You can see that our first target is the Ures property. Getting production from this property will give Mexus the much needed revenue stream to allow for a build out on all of our properties.”
About Mexus Gold US
Mexus Gold US is an American based mining 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 mine is producing gold. The company is also 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 2018. Mexus also owns rights to the Ures property located 80km N of Hermosillo, Mexico. This property contains 6900 acres and has both gold and copper on the 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