mx gold signs agreement to sell interest in magistral

VANCOUVER, British Columbia, May 11, 2018 (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 April 5, 2018, it has entered into a definitive agreement dated May 9, 2018 (the “Magistral Agreement”) whereby, subject to the closing thereof, the Company has agreed to sell its 50% beneficial interest in the Mexican Magistral Project (“Magistral”) for a purchase price of US$4.5 million.

The Magistral Agreement is in addition to the other four previously disclosed binding agreements that collectively propose to sell the Company’s entire mining portfolio in an arm’s length transaction to a private company for the aggregate purchase price of approximately CDN$14,952,000. The Company intends to use the funds to expand its existing and successful cryptocurrency mining pilot project of 360 mining units through the purchase of an additional 2,000 mining units under its existing lease arrangements located in Manitoba. The proposed sale of its mineral exploration assets and expansion of its cryptocurrency business (together, the “Transaction”) will constitute a Change of Business as defined by the policies of the TSX Venture Exchange (the “Exchange”).