Mexus Gold US Completes Sale of the San Felix Mine
March 31 2014 - 6:30AM
Mexus Gold US (OTCQB:MXSG) ("Mexus" or the "Company") announced
today that on March 24, 2014, the Company entered in to an
agreement with First Pursuit Silver de Mexico S. De R.L. De C.V.
("FPV") whereby Mexus Gold US and Mexus Gold Mining S.A. de C.V.
sold 100% of its interest in Mexus Enterprises S.A. de C.V. Mexus
Enterprises S.A. de C.V. is the company's operating entity in
Mexico which owned and operated the San Felix Project ("Project").
The total purchase price of $5,000,000 will be paid by the
assumption of certain debt and in shares of common stock of Silver
Pursuit Resources Limited and $4,000,000 in cash to be paid no
later than March 24, 2015. Mexus will continue to hold a 50%
security interest in the Project until such time as the full
purchase price is paid by FPV. The agreement includes a full
release of the Company and its affiliates from all potential claims
and liabilities related to the Project, its former joint venture
partners and allows the Company to retain possession of all owned
machinery located at the San Felix Project.
Divesture of the San Felix mine will benefit the shareholders by
providing the Company a significant opportunity to move forward
with its mining plan at the Santa Elena/Julio property. CEO
Paul Thompson stated, "Our shareholders will benefit greatly
because dollar for dollar our investment at Santa Elena/Julio has
the significant potential to realize a far superior long term
return on investment. The sale of the San Felix presented itself
and as a company, I felt it was best to sell our interest and focus
our energies at the Santa Elena/Julio property which has been a
goal of ours for some time now. In the end, we will make money on
this deal and the experience we gained regarding mining operations
in Mexico was invaluable."
Mexus Gold US also announced that it is in the process of
entering into a contract with an engineering, mine development, and
mining firm to construct facilities and provide expertise to place
the Santa Elena/Julio property into full production. The Company is
also in the final stages of relocating its equipment from the San
Felix Project to the Santa Elena/Julio property and should be
finalized very soon. Paul Thompson added, "We expect to
announce the details of this agreement within a week or two. I'm
excited about this firm who will consult and partner with us
throughout the process to achieve full production with
uninterrupted operations. Now is the time for the Company to
establish a more professional mining team by adding the appropriate
expertise to the Board of Directors, as well as, additional key
personnel to meet the expanding needs of Mexus Gold at the
Julio/Santa Elena project. Going forward, our shareholders can
expect to see frequent press releases and updates on our march to
full production at the 100% owned Santa Elena/Julio
property."
About Mexus Gold US
Mexus Gold US is a gold, silver and copper exploration company
focused on projects in the Western United States and Northern
Mexico. Mexus Gold US and its subsidiaries Mexus Enterprises S.A.
de C.V. and Mexus Gold Mining S.A. de C.V. have several mining
operations in Mexico including its Julio/Santa Elena property as
well as other prospective areas awaiting additional exploration and
evaluation. Mexus Gold Mining S.A. de C.V. and Mexus
Enterprises S.A. de C.V. employ over 60 people and utilize
third-party consultants and geologists to assess its mining
exploration and operations for gold and other precious metal
values. 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.
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.
CONTACT: Mexus Gold US
Inquiries
Paul Dent, 425-478-4908
pdent@mexusgoldus.com
Mexus Gold US (CE) (USOTC:MXSG)
Historical Stock Chart
From May 2024 to Jun 2024
Mexus Gold US (CE) (USOTC:MXSG)
Historical Stock Chart
From Jun 2023 to Jun 2024