News.... $9000... Well it is better than $0
Mexus Announces A 1-for-20 Reverse Stock Split; Sells First Gold From Silver Chloride Material
CABORCA, Mexico, Oct. 09, 2020 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) announced that it has completed a 1 for 20 reverse split of its stock. The stock will begin trading at its new price on the open of market today. The company believes that all involved with the company understand the necessity of this move given the volume of shares currently outstanding. Mexus also believes this move, along with the positive news recently announced, will allow the stock price to move up and accurately reflect the value of the company. An increased stock price will also give Mexus the opportunity to uplist the stock once all parameters for doing so have been met.
Mexus recently announced the discovery of a significant amount of gold trapped in silver chloride at the bottom of the heap leach pad located at its Santa Elena mine. As stated in its recent press release the company noted that its ball mill gravity recovery system would be used to recover this gold. The company can now state that gold recovery is occurring using this circuit and the results are excellent. In fact, as a result of these recent efforts, the company was able to sell gold with a net recovery of $9,339.85. Recovery of gold from this material continues. David H. Fell & Company of Commerce, CA has been contracted to handle Mexus’ gold sales processing. The gold sold was related directly to the silver chloride material. The variable recoveries the company had been experiencing will be fixed by year end. The removal of the silver chloride will enable the company to continue to mine material from the Julio shear zone and place it on the heap leach pad. In addition, Mexus will be able to mine high grade mineralized material from the Julio quartz system and run it through the ball mill gravity circuit. The company will be recovering gold from two different systems at the Santa Elena mine.
Mexus has numerous properties that it is currently involved with. Included with the Santa Elena mine are the Mabel property and the 8 Brothers/370 property. Both the Mabel and 8 Brothers/370 properties are highly sought after due to their potential gold, silver, copper holdings.
“This was the right time to do a reverse split. The company has had to use convertible loans and share offerings to keep the business moving forward. I believe that the need for future loans and the risk of additional dilution is now ended given our recent discoveries. I also believe that the combination of less shares in the market along with our recent findings will allow the stock to move to a much higher level which will be a true representation of the company’s value,” added Mexus CEO, Paul Thompson.
