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.”
About Mexus Gold US
Mexus Gold US is an American based mining company with holdings in Mexico. The fully owned Santa Elena mine is located 54km NW of Caborca, Mexico. 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.
Mexus Gold US (775) 721-9960
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.
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