Auxico Resources Sells Subsidiary and Updates Technical Review
Auxico Resources Canada Completes Sale of Subsidiary
Auxico Resources Canada Inc. (CSE: AUAG) recently announced a significant corporate update, marking a strategic move in its operations. The company has successfully finalized the sale of its wholly-owned Mexican subsidiary, Auxico Resources S.A. de C.V., generating total proceeds of USD 200,000. This transaction represents a crucial step for Auxico as it continues to focus on its growth and development strategy.
Details of the Sale Agreement
The sale was executed through the transfer of all issued and outstanding shares to entities controlled by Concordia Silver Company S.A. de C.V. This move aligns with Auxico's broader objective of optimizing its business portfolio and reinforcing its commitment to enhancing shareholder value.
Review of Technical Information and Future Compliance
In conjunction with this sale, Auxico is retracting technical and scientific information previously disclosed during its April Management Update Call presentation. This information, which detailed concentrate grades, production rates, and cost estimates, was found not to have been prepared or approved by a Qualified Person as required under Regulation 43-101 respecting Standards of Disclosure for Mineral Projects.
Commitment to Accurate Information
Auxico emphasizes that it did not intend for its technical disclosures to be taken as proxies for the rare earth metals contained in its projects. The company also clarifies that it has no mineral resources or reserves calculated regarding its exploration activities. As a result, any reliance on this information for investment decisions is discouraged. To ensure future compliance, the company has appointed Eugene Puritch, President and Principal Mining Engineer at P&E Mining Consultants Inc., a Qualified Person under the same regulation, to review its disclosures strategically.
About Auxico Resources Canada Inc.
Founded in 2014, Auxico Resources Canada Inc. is a Canadian mining company based in Montreal, trading on the Canadian Stock Exchange under the ticker AUAG. The company is primarily focused on acquiring, exploring, and developing mineral properties in multiple regions, including Colombia and Bolivia.
Vision and Future Prospects
Auxico aims to leverage its expertise in the mining sector to enhance its project portfolio and deliver promising outcomes for its stakeholders. The company's leadership will continue to refine its strategies to adapt to market conditions and ensure compliance with applicable regulations.
Frequently Asked Questions
What recent transaction did Auxico Resources Canada complete?
Auxico Resources Canada announced the sale of its wholly-owned Mexican subsidiary, generating proceeds of USD 200,000.
Why was technical information retracted by Auxico?
The company retracted the technical information presented in its April Management Update Call due to non-compliance with regulatory standards regarding its preparation and approval.
Who is reviewing Auxico’s disclosures for future compliance?
Eugene Puritch, a Qualified Person at P&E Mining Consultants Inc., has been appointed to review the company’s disclosures.
What are Auxico's main areas of operation?
Auxico is focused on the acquisition, exploration, and development of mineral properties in Colombia and Bolivia.
What is the stock symbol for Auxico Resources Canada?
Auxico Resources Canada Inc. trades on the Canadian Stock Exchange under the symbol AUAG.
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