MX Gold Corp. provides update on Magistral Joint Venture

https://globenewswire.com/news-release/2016/12/07/895801/0/en/MX-Gold-Corp-provides-update-on-Magistral-Joint-Venture.html

VANCOUVER, British Columbia, Dec. 07, 2016 (GLOBE NEWSWIRE) — MX Gold Corp. (TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) announces that, further to its news release dated October 25, 2016 regarding the entry into a binding agreement (the “Agreement”) to acquire a 50% interest in the Magistral, Del Oro tailings project (the “Project”), the Company paid the second installment of US$750,000 to the owner of the Project as required by the Agreement.  Pursuant to an amendment agreement dated November 22, 2016, the parties have also expressed their intention to negotiate in good faith and enter into a definitive agreement in the near future.

The Company’s remaining payments consist of a US$750,000 payment on or prior to December 20, 2016 and a final payment of US$750,000 on or prior to January 19, 2017, following which the Company will earn a 50% participating ownership interest and 45% net profit participating interest in the Project.

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