Another report from MXL re our J/V at Majistral
MX Gold Corp.'s joint venture with GracePoint Mining Corp. a subsidiary of Firma Holdings Corp., is progressing the Magistral project on schedule. The turnkey buildout of the plant includes increasing throughput capacity to 1,000 tonnes per day. The buildout is on track to be completed, with the plant operational, by this November.
Dan Omeniuk, chairman and chief executive officer 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."
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-tonne-per-day dynamic cyanide countercurrent system plant. Construction of the plant was completed in 2013 for approximately $4.5-million. There is a current buildout under way to bring the plant to a 1,000-tonne-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 grams gold per tonne (79,000 ounces of gold). MX Gold is actively sourcing additional toll tailings tonnages and expects to increase the project's lifetime near term
