VANCOUVER, British Columbia, June 21, 2017 (GLOBE NEWSWIRE) — MX Gold Corp. (TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the "Company" or "MX Gold") is pleased to announce that, further to its February 13th and April 28th news releases, the Company has paid the remaining amounts due totaling US$450,000 to American Metal Mining S.A. de C.V. as required under the Framework Agreement dated February 6, 2017, as amended, thereby acquiring 50% of the shares of Inversiones Durango San Luis S.A. de C.V., a private Mexican corporation, that holds the IDS Project. As stated in the April 28, 2017 news release, the IDS Project consists of a past producing gold smelter, three acres of land situate around the smelter, and various equipment and permits associated therewith.
CEO Dan Omeniuk stated, "With the acquisition complete, both parties are ready to receive shipment of material. The JV management is diversifying ore collection camps to assist more local small miners for mineral supply assurance while optimizing metallurgical blending properties for engineering design."
The Company also announces that, pursuant to a consulting services agreement dated October 20, 2016 between the Company and a third party consultant, the Company issued 85,174 common shares in the capital of the Company to the consultant as a finder's fee in connection with the Company earning its 50% share ownership interest in the Mexican corporation holding the IDS Project.
About MX Gold
MX Gold Corp. is a junior mining company 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 high-grade 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. This acquisition removed major costs and shortened timelines typically associated with mine project development. 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.
On behalf of the Board of Directors,
"Akash Patel"
Akash Patel, Vice President and Director, MX Gold Corp.
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.
For further information, please contact
SkanderBeg Capital Advisors
604-687-7130
Ext 203
Dan Omeniuk, CEO
Email: [email protected]Ron Birch
Phone: 250-545-0383
Toll Free: 1-800-910-7711
Fax: 604-926-4232
Or by email to:
[email protected]
Source: MX Gold Corp.
Original Article: http://www.nasdaq.com/press-release/mx-gold-corp-accelerates-payment-and-acquires-50-share-ownership-in-mexican-company-holding-ids-20170621-00490
