VANCOUVER, British Columbia, Sept. 27, 2017 (GLOBE NEWSWIRE) -- MX Gold Corp. (TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) is pleased to announce that pursuant to the Midas Asset Purchase and Sale Agreement dated September 14, 2017 (the “Midas Agreement”) with arm’s length parties, it has closed the Midas Agreement and acquired the Midas Gold Property (the “Midas Gold Project”), a large and prospective exploration project located in British Columbia’s Golden Triangle. In consideration for the acquisition, the Company paid $50,000, issued a total of 12,000,000 common shares in the capital of the Company (each, a “Share”) and granted a 2% net smelter return royalty interest derived from the Midas Gold Project to arm’s length parties. The acquisition was approved by the TSX Venture Exchange (the “TSXV”). All securities issued pursuant to the terms of the Midas Agreement are subject to a statutory hold period expiring on January 23, 2018.
The Midas Gold Project shares more than 40 km of contiguous claim boundaries with Aben Resources Ltd.’s (“Aben Resources”) Forrest Kerr Gold Project (the “Forrest Kerr Gold Project”). The Midas Gold Project is located immediately north of projects owned by Garibaldi Resources Ltd. and Colorado Resources Ltd. For additional details concerning the Midas Gold Project, see the Company’s news release of September 18, 2017, which is available on SEDAR at www.sedar.com.
Lorne Warner, P.Geo., a director of the Company, has reviewed and approved the scientific and technical information set out in this news release and is a Qualified Person as defined in National Instrument 43-101.
About MX Gold
MX Gold is a junior mining company focused on the exploration and development of advanced projects located in Mexico and British Columbia, Canada. The company’s primary focus, is the Magistral del Oro tailings project located 392 km SW of Chihuahua and includes a fully permitted, 500 tonnes-per-day dynamic cyanide countercurrent system plant constructed in 2013, which is currently being expanded to 1,000 tonnes-per day. The Company also owns 50% of the IDS Project, which includes a fully permitted smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day. The smelter was built to receive and process material from small-scale miners across the state of Durango and beyond.
MX Gold Corp. is also focused on the exploration, development and mining of advanced projects located in British Columbia and Mexico. The Company’s primary focus in British Columbia is its high-grade Willa gold and copper project located 12 kilometers south of Silverton, B.C. In 2015, MX Gold Corp. completed the accretive acquisition of the Willa project and the Max Molybdenum Mine and Mill Complex. The Willa mine is located 135 kilometers south of the Max Mill. MX Gold Corp. can also elect to reopen the Max Molybdenum mining operation once world Moly prices improve. For updates on the Magistral Project please visit our website. www.mxgoldcorp.com
On behalf of the Board of Directors,
“Akash Patel”
Akash Patel, Vice President and Director, MX Gold Corp.
For further information, please contact
Dan Omeniuk, CEO
Email: dano@mxgoldcorp.com
(778) 798-4653
Or by email to:
info@mxgoldcorp.com
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.