CARSON CITY, Nev., June 6, 2014 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG) ("Mexus" or the "Company") Shareholder Update:
Mexus Gold US announced that it has turned down a seven figure offer for the funding of its Julio/Santa Elena project. This offer came from one of three mining companies that Mexus is in discussions with. President Paul Thompson states "The offer came from a well-known mining company but unfortunately the demands were too high and would have resulted in our ownership being diminished."
Mr. Thompson went on to say "We have way too much knowledge of the Julio/Santa Elena now for the company to take just any offer. From producing placer in the last year, sampling and a trial run of our underground high grade Julio mine, along with the core drilling that has been done on the property the potential for a large open pit/heap leach operation is real." The potential can be seen in two spreadsheets recently posted to the company website. CEO Thompson stated "These reports were produced with the help of a potential purchaser. This isn't just Mexus' work. I hope our investors take a few moments to read these sheets to get a real sense of the potential we have as a company." The projections are based on two different time frames using 1.2 grams per ton. The spreadsheets referenced can be found here.
Mexus also announced that it has decided to place the placer operation back into production. The company will triple the production level it had previously run. This will give Mexus positive cash flow while waiting for the right financing/funding opportunity to arise. The company wants to reiterate that it still is in ongoing negotiations with potential partners.
About Mexus Gold US
MEXUS GOLD US is an American-based exploration company with holdings in Mexico and Nevada. Mexus' fully owned Julio/Santa Elena property is located 54km NW of Caborca, Mexico. This property sits in an area which is currently being mined by some of the largest mining companies in the world. Mexus has drill results which show a high grade, multi vein system throughout the property. The company looks to have this property in full production by the end of 2014. Mexus also owns the rights to the Ocho Hermanos property, which is located 80km NE of Hermosillo, Mexico. This property will be drilled to show a proven reserve once our flagship property is in full production. Preliminary drilling on this property has been extremely promising. The company owns claims in Lida, Nevada and will evaluate production possibilities at a future date. 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.
CONTACT: Mexus Gold US
Paul Dent, 425-478-4908
Source: Mexus Gold US