CABORCA, Mexico, Aug. 24, 2020 (GLOBE NEWSWIRE) --
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Posted On: 08/24/2020 4:57:58 AM
CABORCA, Mexico, Aug. 24, 2020 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) announced an update on its 1st quarter results which ran April to June, 2020. During this period the company established mining operations at its Santa Elena mine. The company faced challenges during this period due to COVID-19 which included periods of shut down due to labor laws in Mexico. Mexus was still able to produce gold and used the time to make adjustments at the mine site. Improvements at the mine during this period included: improving the crushing circuit to maximize efficiencies, an increase in employees to include two new equipment operators and a lab technician, and the acquisition of a 330 excavator a 40 ton haul truck and repairs to existing equipment. The company currently has four haul trucks and three excavators onsite which will assist in the planned expansion. The company expects to show an increase in production during the 2nd quarter of its fiscal year (July through September).
Mexus continues to work the Julio shear zone 2 with an average grade of 2gpt Au. Every seven-day period a new area of the heap leach pad is stacked with recently crushed mineralized material. It is estimated that the solution takes 2 ½ weeks to return to the pregnant pond. Leaching in this matter was started 4 weeks ago and the company is happy with the results to date. Mexus plans on running solution in the next ten days as returns should begin building from this expanded production. This process represents an increase in production for Mexus which should reflect in higher gold sales this quarter.
“We’ve had normal ups and downs that any new miner experiences when implementing new processes. The crew at the mine have done a great job of adjusting and fixing issues as they’ve arisen. Mexus will continue to increase production each quarter. I’m excited to announce that the company will do its first quarterly guidance in September which will represent a forward looking estimate for the last three months of 2020,” added Mexus, CEO Paul Thompson, Sr.
Mexus continues to work the Julio shear zone 2 with an average grade of 2gpt Au. Every seven-day period a new area of the heap leach pad is stacked with recently crushed mineralized material. It is estimated that the solution takes 2 ½ weeks to return to the pregnant pond. Leaching in this matter was started 4 weeks ago and the company is happy with the results to date. Mexus plans on running solution in the next ten days as returns should begin building from this expanded production. This process represents an increase in production for Mexus which should reflect in higher gold sales this quarter.
“We’ve had normal ups and downs that any new miner experiences when implementing new processes. The crew at the mine have done a great job of adjusting and fixing issues as they’ve arisen. Mexus will continue to increase production each quarter. I’m excited to announce that the company will do its first quarterly guidance in September which will represent a forward looking estimate for the last three months of 2020,” added Mexus, CEO Paul Thompson, Sr.
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