Mexus adds additional property to its portfolio; Updates shareholders on Ures and Santa Elena projects
CABORCA, Mexico, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG) (“Mexus” or the “Company”) announced today that it has added a new corporation under its umbrella. Mexus Gold MX (Mexus Gold Mexico) is solely owned by Mexus Gold US and will encompass Mexus’ 100% controlled properties.
Mexus Gold US is also excited to announce that geologist and long-time Mexus advocate, Cesar Lemas, will be the President of Mexus Gold MX and oversee operations in Mexico. Credentialed with a Master’s Degree in Mineral Economics from the University of Arizona, Mr. Lemas brings 35 years of mining experience and adds a layer of business knowledge within Mexico which will prove invaluable as the company moves forward with its multiple projects. Cesar will be in charge of projects that the company will be moving forward with in 2018.
Included in this subsidiary is the addition of a new group of mining concessions. The property was acquired from Pacific Comox SA de CV as a stock trade agreement. The Mabel-Dana project lies 52kms SW from Nogales and encompasses 5258 acres. The property currently has a completed pre-drilling report which was completed in 2013. A historical reserve estimate, calculated after drilling, showed 41,000oz gold from 1.2 million tons of 0.7 g/t Au and 23 g/t Silver, averaging 1 g/ t Au equivalent. This drilling was completed on a very small portion of the concession and represents only 2.5% of the total area. A mining plan is being put together to determine the next steps in getting this property into production. A summary technical report on the Mabel-Dana will be released in the next two weeks which will show all data processed and conclusions on the economics of this property.
Equipment is currently being moved to the Ures project for repair of the roads and to construct drill pads. The initial stage of the build out will be completed by March 1st, 2018. There are two parts to this project which are currently being implemented. The El Scorpio will be drilled to determine the extent of a copper porphyry. The plan at the 8 Brothers/370 concessions is to begin processing previously identified high grade material through a crusher and VAT leaching system. This system and the resulting gold/silver recovery will allow for immediate cash flow and will facilitate the build out of this project. Elias Badilla, retired professor from Sonora State College, will be assisting MexusGold MX with this portion of the project. Mr. Badilla’s vested interest in the success of this project via previously issued stock certificates makes him an excellent partner. Mexus CEO Paul Thompson is currently building the VAT gold recovery tanks at his yard in Walnut Grove, CA.
Concerning the Santa Elena project, Mexus is expecting an update from its JV partner, MarMar Holdings, during the first week of February. The company will notify shareholders as additional details become available.
CEO Paul Thompson stated “Adding Cesar Lemas to our management team affords us the ability to have multiple projects in different phases at any given time. His knowledge of the land and his ability to manage the local jurisdictions will prove invaluable. Our shareholders will understand my excitement for the Mabel-Dana project when they see the updated report.”
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.
Cautionary Statement
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.
CONTACT: Inquiries - Paul Dent, 425-478-4908 pdent@mexusgoldus.com