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So how long are the permits good for for drilling? If we had funds I think it would be beneficial to hit a few spots on the Julio or near it
Hope you are doing OK 8.
What are you on? Why would we up the ante when at the current price a potential jv walked away?,
Flavor is cherry
Doesnt really matter because they aren't going into production.
CARSON CITY, Nev., Dec. 04, 2015 (GLOBE NEWSWIRE) -- Mexus Gold US (MXSG) (“Mexus” or the “Company”) announced today that Argonaut Gold notified the company that it will not exercise their option at the Julio/Santa Elena property. Argonaut explained that the uncertainty with the price of gold is challenging exploration budgets. This, along with the obligations of $5,000,000 in drilling and mapping, $950,000 payable to Mexus to continue the JV, and a 20% fully carried contract were all factors in their decision . To date it is estimated that Argonaut has spent upwards of $500,000 in drilling, mapping and other associated costs. They also added that in better economic times the company would have exercised the JV option.
The company completed 16 widely scattered drill holes totaling 1,990 meters. It is important to note that these samples were not taken from the property's quartz veins which are known to hold high grade gold. Argonaut was not interested in underground mining as these holes drilled were targeted for a large open pit heap leach operation. The average for the 16 holes was .392 Au ppm and 1.676 Ag ppm. Attached to this press release is a detailed map showing where the 16 holes were drilled and the results of the assays that Mexus has received to date. As one can see, these holes were spread out across the property.
Map of RC Drills
Partial Assays from Argonaut
Although Mexus is disappointed that Argonaut has decided to terminate their option and were not interested in the high grade underground hard rock project which has huge potential, it remains confident that the property is still attractive. To that regard, CEO Paul Thompson has already begun speaking with other parties regarding the underground hard rock project who were interested in partnering prior to the Argonaut deal. CEO Paul Thompson added, “I will continue to seek a partner who wishes to bring this property to full production. The drill results shown prove to me that this property is economically viable. I believe that a consolidated drill program will prove out a substantial reserve with higher averages than shown above. An update on a new partner will be released as soon as soon as information becomes available.”
Argo nixed the deal. That's the sound of all our money being flushed
Why try and predict and set expectations that you will be disappointed if not met by the targets set in your head. The pieces are in place things will develop as Argo sees fit. No one can predict markets and world events that can have impacts
Phase 1 implies that there will be more phases. So anyone doubting relax and have some eggnog. The price knockdown yesterday was only a few thousand dollars. Just games being played
Yes no news day is what we are hoping for.
Exactly and if you think about it more than likely since they are drilling out other unknown areas when they release those drill results they will include Cesar's stellar drill results we already know that should blow away their investors. Glad my birthday is on Dec. 2 should be some good news.
Its not a merger. They would be setting up a new company not merging Mexus under the Argonaut name.
Second they are just doing preliminary drilling with options built in. I as well as all of us and Paul believe they will exercise this next option, but they easily could just say no and move on.
So really at this exact point in time they have invested a very small amount of capital. Again I think after Dec. 1 when we believe they will exercise the next option then it will become more material as they release results of drilling.
I never said didn't believe in Argo. Actually been buying shares. I said it was premature for that kind of pay each month without anything coming in yet. I edited my statement that it appears to not not be cashed yet.
We all hold our own judgements. I'm not trying to discount the hard work Paul has put in but also not going to have a pity party for him either. Most people would be fired after the San Felix mistake. That lost the company a lot of money and value.
So again when Argo sends us that first check and it clears everything is warranted then.
Dino I started my own company. I paid myself when there was money to be paid. It made me work that much harder to make sure money was coming in.
I have no problems with being paid once that royalty check is signed. After re reading it a few times it does appear he is not yet taking any payments just accumulating them until perhaps that check comes in? I would like to see the share count stop climbing though.
Im all for one taking a fair salary when a company is making money and turning a profit. This ticks me a bit. 15,000 in cash or stock is too much for a company not making any money. So we dilute 1.5million a month or spend 15,000 a month in cash we dont have yet. It would be one thing to do this once Argonaut has put Julio into production and we start receiving checks. Looks like someone is putting the chicken before the egg. Bad move Paul
Let's be honest Rich. We are all banking on Argo and nothing else. That will be the catalyst unless Ures ends up being another major.
The next option just would give them more time to explore. So until they actually announce they want to put Julio into production there is no actual cashflow going to be coming down the pipelines for Mexus except option payments.
Now most of us believe Argo will take Julio into production. The drill results definitely will get some action going on SP as more people start connecting dots.
I'll cheers to that
Thanks 8. It's great that Tom makes himself available and gave you even that much info. Looking forward to end of year and a lucrative 2016
They need to free up capital. They essentially are predatory lending. So they need their cash out so they can redeploy those funds. They have no emotional tie to mexus so they don't care about the next pr. They are able to sell now still at a profit
Gotta love those details that can tell us things in advance if ya know what I mean. That will be a good birthday present if that comes to pass.
Guess it's 45 days or less before our check comes in the mail. At that point gotta figure we will be mentioned and material
That sounds about right Don. Seems to be a logical chain of events that have occurred. Now we just wait AR timeline to keep things moving along
Here is another thing to consider.
AR knows how rich this resource is going to be to them that they
A) Are going to pay any costs related to it with drilling and mine build out.
B) Willing to give Mexus a 20% cut from Gross
And know that they still will be making a big enough profit to make it worthwhile.
Sit back buy a few more shares, just going to be a little longer as the cards fall into place. When the drill results get released that will probably be the coming out party
Locked and loaded. Great PR to see today. I think we finally started rolling down the hill on Oct. 16th.
No offense, but that is the dumbest thing Ive ever heard. Can you say illegal?
Obvious 2new ducks are the same guy. I would venture news around the corner if we are getting the doomsday spreaders coming to the board.
Sounds like positive drills from argo and feeling they will take on the full project to be liquidating everything there
Do you know how to read sarcasm?
It's been a fire sale the last 2 years Rich
Im talking about the Argo arrangement. Im not factoring anything with the cable.
Passive income in the best kind of income.
We get one these about every month and a half. The waiting is driving people crazy
Gotcha thank you
Actually if that email address was established on that webserver it would be inaccessible
Email probably doesn't work since was linked with defunct website.
Nice little PR with both parties mentioned. Looks like agrees with cc that drilling is going online soon and some key spots identified.
I wasn't able to listen to it. I take 8 got a question in. Great job what was the tone when talking about mxsg?
I totally get what your saying. They knew this deal was happening so why not work on it back then? Just missed opportunities is all.