CABORCA, Mexico, Dec. 16, 2019 (GLOBE NEWSWIRE) --
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Posted On: 12/16/2019 3:55:22 AM
CABORCA, Mexico, Dec. 16, 2019 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) confirmed that the company has satisfied two loan agreements which were coming due. The company met these obligations through the limited sale of gold and support of its shareholder base.
In addition, the company seeks to update investors on progress at its Santa Elena mine. Mexus has all the necessary equipment in place from the crushing circuit, pregnant and bearing ponds, and the recovery plant to expand to a 24 hour a day continuous operation. Currently, the company is running 8 to 10 hours a day. The company doesn’t have the funds necessary to hire additional crew which would allow it to run all aspects of the mine continuously. Mexus President Paul Thompson is looking to move the Santa Elena project into a major gold producing mine but is in need of funds to accomplish this goal. The company plans on obtaining the necessary funds by selling a portion of its non-producing properties, selling equipment not needed at the mine site and/or funding from its shareholder base. Mexus is also considering selling a small royalty interest in the Santa Elena mine. Recovery from a continuous operation should yield .35 per ton solution recovery and produce 11oz Au in a 24-hour cycle at current recovery rates. Recent tests of mineralized material from the Lucky Strike pit have shown recovery from .35 to .44 Au per ton of solution. Mexus will look to add the higher-grade material from the Julio quartz vein and adjacent shear zone. The blasting necessary for this material will occur once funds are available but should increase the net recovery per ton of solution as this material has been assayed averaging 4 gpt Au and 9 gpt Ag.
“I want to assure shareholders that Mexus employees are working hard and producing gold. We will continue working at the current production rate and build out to a 24-hour continuous mine operation as gold sales and/or additional funds become available. I would like to thank our shareholders for their continued support and wish everyone Happy Holidays.”
In addition, the company seeks to update investors on progress at its Santa Elena mine. Mexus has all the necessary equipment in place from the crushing circuit, pregnant and bearing ponds, and the recovery plant to expand to a 24 hour a day continuous operation. Currently, the company is running 8 to 10 hours a day. The company doesn’t have the funds necessary to hire additional crew which would allow it to run all aspects of the mine continuously. Mexus President Paul Thompson is looking to move the Santa Elena project into a major gold producing mine but is in need of funds to accomplish this goal. The company plans on obtaining the necessary funds by selling a portion of its non-producing properties, selling equipment not needed at the mine site and/or funding from its shareholder base. Mexus is also considering selling a small royalty interest in the Santa Elena mine. Recovery from a continuous operation should yield .35 per ton solution recovery and produce 11oz Au in a 24-hour cycle at current recovery rates. Recent tests of mineralized material from the Lucky Strike pit have shown recovery from .35 to .44 Au per ton of solution. Mexus will look to add the higher-grade material from the Julio quartz vein and adjacent shear zone. The blasting necessary for this material will occur once funds are available but should increase the net recovery per ton of solution as this material has been assayed averaging 4 gpt Au and 9 gpt Ag.
“I want to assure shareholders that Mexus employees are working hard and producing gold. We will continue working at the current production rate and build out to a 24-hour continuous mine operation as gold sales and/or additional funds become available. I would like to thank our shareholders for their continued support and wish everyone Happy Holidays.”
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