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.
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.
Original Article: https://www.globenewswire.com/news-release/2020/08/24/2082335/0/en/Update-on-progress-at-Santa-Elena-mine.html
