VANCOUVER, British Columbia, Nov. 24, 2017 (GLOBE NEWSWIRE) — MX Gold Corp. (TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) is pleased to announce the Magistral Joint Venture’s appointment of Kevin Weston as Director of Operations of the Magistral Del Oro Project in Mexico (the “Magistral Project”). The Magistral Project is operated by MX Gold and its joint venture partner, GracePoint Mining Corp. (together, the “JV”). Under the terms of Mr. Weston’s engagement, and subject to approval by the TSX Venture Exchange, MX Gold has undertaken to issue 350,000 common shares of MX Gold to Mr. Weston, as security for payment of Mr. Weston’s salary from the JV.
Mr. Weston holds a Bachelor of Engineering in Mining and Mineral Engineering from McGill University and has over 35 years of experience in developing and operating mining projects. Among other prior roles, Mr. Weston has served as Chief Operating Officer of Farallon Mining Ltd., VP Operations (Canada) of Capstone Mining Corporation, and Chief Operating Office at JDS Silver/Silvertip.
Mr. Weston speaks excellent Spanish and has previous experience as a Senior Operator in Mexico with Farallon Mining.
MX Gold CEO, Dan Omeniuk, comments, “We are excited to bring Mr. Weston on at this key time for the Company in its partnership with Gracepoint. Working in close collaboration with Benitzel Avila Sanchez, our Magistral Project Manager, Mr. Weston will bring extensive operational experience to the table as we move the Magistral Project forward.”
MX Gold is also pleased to announce an update on various activities underway at the Magistral Project:
- All major tankage at the project has been installed.
- The installation of equipment at the project is ongoing, with installation of the grinding mill scheduled for completion by December 1, 2017 and installation of the Merrill-Crowe circuit underway.
- All other equipment, including piping, pumps and electrical, has been sourced and is in transit.
- The contractor is focused on the resources needed to complete construction, with operating manpower requirements being filled and reagents being purchased.
Dan Omeniuk stated, “The build out at the Magistral Project is on track, with various milestones already complete and the remainder of the installation underway.”
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 500 tonnes-per-day dynamic cyanide countercurrent system plant constructed in 2013. The Company also owns 50% of the IDS Project, which includes a 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 has acquired a substantial land package of approximately 22,881 acres in the heart of the Golden Triangle. 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 Company’s projects please visit our website. www.mxgoldcorp.com
On behalf of the Board of Directors,
“Akash Patel”
Akash Patel, Vice President and Director, MX Gold Corp.
For further information, please contact
Dan Omeniuk, CEO
Email: [email protected]
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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 statements respecting the benefits to the JV of Mr. Weston’s engagement, the potential requirement to issue shares to Mr. Weston, the Company’s plans to move the Magistral Project forward and the Company’s expectations of when certain equipment at the Magistral Project will be installed. 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: that Mr. Weston’s engagement may not benefit the JV as anticipated; that the Company will be required to issue common shares to Mr. Weston; that the Magistral Project will not move forward as expected or that the timeline for same will not be as expected; and the ability of the Company to fund its operations, 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.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
