Mexus Gold US Announces Termination of a Material Definitive Agreement
September 24 2012 - 6:30AM
Mexus Gold US (OTCQB:MXSG) is a company engaged in the evaluation,
acquisition, exploration, development and production of mining
properties and conducts salvage operations for the recovery of
precious metals.
Mexus Gold US entered into an Agreement to Terminate and Release
with Powercom Services, Inc. A prior agreement, The Project
Management Agreement, dated July 8, 2010, was terminated on
September 18, 2012. The parties recognized that the terms and
conditions of the Project Management Agreement no longer addressed
the goals and future of the cable pulling project in a manner that
would mutually benefit either party to continue. As compensation
for the termination and release, Mexus Gold US agreed to issue to
Powercom Services, Inc. 1,000,000 restricted shares of the
Company's common stock in exchange for Powercom's release and
indemnification. This transaction released Mexus Gold US from its
obligation for advances in the amount of $800,000 from Powercom
Services, Inc.
Paul Thompson, President, stated "With the completion of the
Agreement to Terminate and Release we now have liquidated the
$800,000 payable from the Balance Sheet. In addition, this
transaction will allow us more flexibility in our evaluation
process of the various options open to us for our projects in
Mexico and the cable exploration activities."
About Mexus Gold US
Mexus Gold US (OTCQB:MXSG) is a company engaged in the mining
industry for the purpose of producing precious metals, including
gold, silver and copper, from its projects located in the state of
Sonora, Mexico and in the states of Nevada and Alaska. Mexus Gold
US is dedicated to protecting the environment, providing employment
and education opportunities for the communities where they operate.
For further information or to see the full report, visit
www.mexusgoldus.com.
The Mexus Gold US logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7718
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.
CONTACT: Mexus Gold US
Paul Thompson CEO/President
(775) 721-9960 or (916) 776-1822
Mexusgoldus@aol.com
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