Investors of MX Gold (TSX, V: MXL) have certainly been on a roller coaster ride in terms of the stock price. It seems that patient investors may be soon rewarded as MX Gold could be in production this year on one of their four properties. Having Bert McPherson as President and Chief Operating Officer has certainly helped the company. He has many connections from his previous position at Gold Corp. where he was mine manager of Goldcorp’s Penasquito mine in Mexico, having over 1400 employees directly reporting to his office. The Penasquito mine is Mexico’s second-largest mine and is its largest gold producer. In 2015, the Penasquito mine delivered record gold production of 860,300 ounces and record silver production of 25,926,500 ounces. A total gold-equivalent production figure, including byproduct metals, was 1,688,600 ounces of gold.
One of his coup was having MX Gold acquire 50 percent interest of the shares of a private Mexican corporation that holds the IDS project. The IDS project consists of a past-producing gold smelter, three acres of land situated around the smelter, and various equipment and permits associated therewith. According to the company’s website: “the acquisition 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 high-grade direct-ship ores and concentrates from small-scale miners across the state of Durango and beyond. The concept was birthed by the vision of Rosa Isela De La Rocha, a state senator for Durango. Using a central location to safely and more efficiently process daily production, the community of local miners could enhance economics and quality of life. By eliminating the need for each miner to process, or otherwise dispose of, its individual ore production, the miners are able to spend more time producing and also receive a higher return from their production.” Bert McPherson stated, “we are very excited to have secured a project that can provide a significant source of near-term revenue for our company.”
Taken from their latest news release, “Mr. Dan Omeniuk reports: further to the Feb. 13, 2017, news release, MX Gold Corp. has paid an additional $425,000 (U.S.) to American Metal Mining SA de CV as required under the option agreement dated Feb. 6, 2017, as amended. To date, the company has paid $1,075,000 (U.S.) of the $1,525,000 (U.S.) total amount required to acquire 50 per cent of the shares of a private Mexican corporation that holds the IDS project. As stated in the Feb. 13 news release, the IDS project consists of a past-producing gold smelter, three acres of land situated around the smelter, and various equipment and permits associated therewith. Upon advancement of the initial payment, the company was granted a 49.5-per-cent net profit participating interest in the IDS project that will remain until option exercise, provided that all payments are made by the company in accordance with the amended option agreement.
Investors could finally see revenue from MX Gold.
Stay Tuned!
Dr. Kal KoTECHa
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