VANCOUVER, British Columbia, July 20, 2017 (GLOBE NEWSWIRE) -- MX Gold Corp. (MXL.V) (FSE:ODV) (MXLGF) (the “Company” or “MX Gold”) is pleased to announce that, in its Joint Venture with GracePoint Mining Corp a subsidiary or Firma Holdings Corp. (FRMA), the Magistral project is progressing on schedule. The turn-key build out of the plant includes increasing throughput capacity to 1,000 tonnes per day. The build out is on track to be completed, with the plant operational, by this November.
Mr. Dan Omeniuk, Chairman and CEO of MX Gold stated, “Despite the rainy season in the region, it is encouraging to see that the project business plan is being executed on schedule, and that our Joint Venture efforts with GracePoint are producing positive outcomes. We are looking forward to the projected cash flow from Magistral, as it will serve as an integral part of our approach to building further value for MX Gold shareholders with a non-dilutive strategy.”
Mr. Bert McPherson, President stated, “Combined efforts with GracePoint have also allowed us to seek out potential new acquisitions in the area. We look forward to updating our shareholders after conducting our due diligence in weeks to come.”
The project includes a fully permitted 500 TPD Dynamic Cyanide counter current system plant. Construction of the plant was completed in 2013, for approximately $4.5 million. There is a current build out, underway, to bring the plant to 1,000 tonnes per day capacity. Additionally, the Magistral project includes the exclusive rights to process approximately 1.2 million tonnes of mineralized mill tailings, grading an average of 2.06 gold per tonne (79,000 ounces of gold). We are actively sourcing additional toll tailings tonnages and expect to increase project life time near term.
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