Mexus and JV partner MarMar confirm production at Santa Elena mine
By GlobeNewswire, September 11, 2017, 03:01:00 AM EDT
CABORCA, Mexico, Sept. 11, 2017 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG) ("Mexus" or the "Company") along with its joint venture partner, MarMar Holdings, today announced that they have produced gold in dore form as a result of its ongoing operation at the Santa Elena mine. Mexus CEO Paul Thompson added, "This is a monumental step for Mexus and MarMar as we have met our initial goal which was to get the Santa Elena mine into production. The finances of gold sales will be released in our quarterly reports but we will keep our investors informed as key financial goals are met. The ore we are currently placing on the heap leach pad is averaging 2 grams per ton with an expected recovery rate of 76%. We know now that the high grade near surface material we are mining will result in a lower overall cost of production."
Mr. Marco Martinez, CEO of MarMar Holdings Inc., commented that the recovery of gold will be ongoing now that the recovery system is in full working order. In addition, he stated that the goal is to bring production to 10,000 tons a day by year end.
Mexus Geologist Cesar Lemas added, "During the month of August, the first 3 meter heap leach layer was completed with approximately 30,000 tons of ore being processed. Contained metallics are in the order of 2,000 to 4,000 oz Au and 10,000 to 15,000 oz Ag. Continuous leaching and Merrill Crowe processing will gradually turn the contained values into dore via our recovery system. Mining will also continue with the next 3 meter high heap layer being placed. Solution monitoring by fire assays shows steady recoveries in the order of 1.0 to 2.7 g/m3 Au in 3 to 5 days with an additional 5 up to 43 g/m3 Ag. Continued leaching will concentrate pregnant solution to the optimum values for Merrill Crowe processing. The current flow rate of 50gpm will be gradually increased to 200gpm to achieve maximum processing capacity and overall production. Additional primary filters will improve flow rates and recoveries from the solution. Parallel electrowinning is being installed to trap some of the high grade pregnant solution spots."
Mr. Thompson added, "We are hitting our stride at the right time with the price of gold moving up and the Santa Elena mine beginning to produce gold. These are exciting times for Mexus and its shareholders."
About Mexus Gold US
Mexus Gold US is an American based mining company with holdings in Mexico. Mexus recently joint ventured its flagship property with MarMar holdings of Mexico. The fully owned Santa Elena mine is located 54km NW of Caborca, Mexico. The mine is producing gold. The company is also a partner with MarMar holdings at the San Felix mine in Northern Mexico. This 26,000 + acre property is ready for production which is planned for 2018. Mexus also owns rights to the Ures property located 80km N of Hermosillo, Mexico. This property contains 6900 acres and has both gold and copper on the property. 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.
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.
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