MMC News

MX Gold Initiates Due Diligence including Site Visit of Symple, a Proposed Cryptocurrency/Blockchain Mining Target Company Based in Manitoba

October 18, 2017

 

Vancouver, B.C. - MX Gold Corp. (TSX-V: MXL) (FSE: ODV) (OTCQX: MXLGF) (the "Company" or "MX Gold") is pleased

to announce that CEO Dan Omeniuk and his technical team have completed a site visit and initiated a due diligence review of Symple Internet Financial Ltd. ("Symple"), an arm's length private British Columbia company based in Manitoba. As disclosed in a news release dated October 13, 2017, MX Gold has entered into a letter of intent to acquire all of the shares of Symple.  

Dan Omeniuk describes Albert Buu, the principal of Symple, as a trailblazer in the blockchain/crypto currency mining sector who anticipated future opportunities in the growing industry, including the growth of crypto currencies as an asset class for financial diversification by industry participants. Symple operates in a 5,000 square foot leased facility in Manitoba with the possibility to expand in the future under current leases. As part of its due diligence, MX Gold is modelling potential expansion of the existing site which benefits from having access to highspeed internet access and making sure there is ample cooling and ventilation in the building and most importantly, very competitive energy costs.

CEO Dan Omeniuk comments, "We are excited at the prospect of working with Albert Buu in connection with the acquisition of Symple. We are currently negotiating the definitive agreement and finalizing due diligence on the proposed transaction. Personally, I am also looking forward to working with Albert Buu in Manitoba, a place where I've done business for nearly 40 years. I truly believe that the sector can provide our shareholders with a unique angle to differentiate ourselves from other mining companies."

About MX Gold

MX Gold is a junior mining company focused on the exploration and development of advanced projects located in Mexico and British Columbia, Canada. The company's primary focus, is the Magistral del Oro tailings project located 392 km SW of  Chihuahua and includes a fully permitted, 500 tonnes-per-day dynamic cyanide countercurrent system plant constructed in 2013, which is currently being expanded to 1,000 tonnes-per day. The Company also owns 50% of the IDS Project, which includes a fully permitted smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day. The smelter was built to receive and process material from small-scale miners across the state of Durango and beyond. 

MX Gold Corp. is also focused on the exploration, development and mining of advanced projects located in British Columbia and Mexico. The Company's primary focus in British Columbia is its Willa gold and copper project located 12 kilometers south of Silverton, B.C. In 2015, MX Gold Corp. completed the accretive acquisition of the Willa project and the Max Molybdenum Mine and Mill Complex. The Willa mine is located 135 kilometers south of the Max Mill. MX Gold Corp. can also elect to reopen the Max Molybdenum mining operation once world Moly prices improve. For updates on the Magistral Project please visit our website. www.mxgoldcorp.com

On behalf of the Board of Directors,
Dan Omeniuk, MX Gold Corp.   
For further information, please contact:
 
Dan Omeniuk, CEO
Phone: 778-798-4653
Email: [email protected]

 

Or by email to:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.

Statements in this news release that are not historical facts are forward-looking statements.  Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments.  Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements.  Forward-looking statements in this news release include MX Gold's estimation that the Magistral plant can be fully operational within 4 to 6 months, its plans for a data verification program and additional geochemical studies, its belief in the near term and upside potential of the project and Firma Holdings Corp.'s expectation that the parties can work together to grow the project beyond its initial vision and capacity.  All of these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, business integration risks; uncertainty of production, development plans and cost estimates, commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets, uncertainty in the measurement of mineral reserves and resource estimates, MX Gold's ability to attract and retain qualified personnel and management, potential labour unrest, reclamation and closure requirements for mineral properties and the availability of capital to fund the Company's projects, as well as other risks and uncertainties identified under the heading "Risk Factors" in the Company's continuous disclosure documents filed on SEDAR.  You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.  MX Gold cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and MX Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

Original Article: https://www.prnewswire.com/news-releases/mx-gold-initiates-due-diligence-including-site-visit-of-symple-a-proposed-cryptocurrencyblockchain-mining-target-company-based-in-manitoba-651432123.html

Go to Complete List of Articles

METAL PRICES


LINKS

MMC NEWS APP

[email protected]