Magna Gold Corp. announces that, as a result of a review by staff of the Ontario Securities Commission, it is issuing the following news release regarding the Company’s technical disclosure in respect of the Company’s Mercedes property.
The proceeds from the sale of the CDE Flow-Through Shares will be used on development expenses on the Magino project as permitted under the Tax Act to qualify as CDE.
The Private Placement remains subject to acceptance of the TSX Venture Exchange and is expected to close immediately prior to or concurrent with the Company’s acquisition of the El Cubo mine and mill complex.
Peter J. Hawley, CEO and President remarks, “We are quite excited with the results from our first drill hole drilled to the east of the last underground workings and the exceptional wide intersection of 68.6 meters of continuous silver in shallow oxide mineralization.”
Allen Palmiere, President and CEO, said “Our Oaxaca Mining Unit delivered solid production results during a demanding 2020 amid the global pandemic. While COVID-19 is expected to remain a challenge in the short to medium term, our team has done an admirable job managing the situation. The Company finished the year with a strong balance sheet, including $25.4 million in cash, which provides us with flexibility as we move to reinvest capital in Mexico to increase the productivity and the life of the operations.”
Vizsla President and CEO, Michael Konnert, commented: “Papayo now extends over 240 meters of strike with two parallel veins containing mineralization and remains open. It is located approximately 1km north of the Napoleon discovery and is one of a number of targets along the vein corridor.”
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