due diligence
MX Gold Corp Due Diligence Studies Supports Previous Work. Planning 1,000 Tonne per Day Throughput on the Magistral Project
VANCOUVER, British Columbia, Sept. 12, 2017 (GLOBE NEWSWIRE) — MX Gold Corp.(TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) announced on October 25, 2016 a binding agreement with Gracepoint Mining Corp., a subsidiary of Firma Holdings Corp. (OTC:FRMA) to acquire a 50% interest in the Magistral, Del Oro tailings project, which is located within the “Golden Triangle” in Santa Maria Del Oro, Durango, Mexico. The project in 2016 included a fully permitted, 500 tonne/day Dynamic Cyanide counter current system plant constructed in 2013, for approximately $4.5 million and is in excellent condition. Additionally, the Magistral project includes the exclusive rights to process the mineralized mill tailings.
Torex Executes a Commitment Letter for a US$400 Million Facility to Refinance Project Debt
TORONTO, Ontario, June 1, 2017 — Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) is pleased to announce the signing of a binding commitment letter (the “Commitment Letter”) by its wholly-owned subsidiary Minera Media Luna, S.A. de C.V. with BNP Paribas Securities Corp., Commonwealth Bank of Australia, ING Capital LLC and Société Générale (the “Joint Bookrunners”) in connection with a secured US$400 million debt facility (the “Loan Facility”). Upon execution of definitive documents, the Loan Facility will be available by way of a US$300 million term loan (the “Term Facility”) and a US$100 million revolving loan facility (the “Revolving Facility”). The Loan Facility will be used (i) to refinance the existing project finance facility (the “Project Finance Facility”) that was previously entered into with the Joint Bookrunners and certain other lenders, for the construction of the El Limon-Guajes Mine (“ELG”) located in southwest Mexico and (ii) for general corporate purposes. The Revolving Facility and the Term Facility will mature June 30, 2020 and June 30, 2022, respectively.
Magellan Gold Makes US$100,000 Payment Towards Acquisition of Operating Mill in Mexico
Magellan Gold Corporation (OTCQB: MAGE) (‘Magellan‘ or ‘the Company‘) is pleased to announce it has made a further US$100,000 option payment for a 60-day extension under its MOU with Rose Petroleum plc (AIM: ROSE). The MOU gives Magellan the right to purchase an operating floatation plant and associated assets, licenses and agreements (together, the ‘SDA Mill‘) located in the State of Nayarit, Mexico, for a total consideration of US$1.5 million. The mill has produced precious metals for ten years and its normal operation is based on sales of floatation concentrates to smelters. The Company paid an initial US$50,000 option payment and announced the MOU on March 6, 2017.
“The potential SDA Mill acquisition will transform Magellan into a production company, which we believe will create significant value for our stockholders”, said Pierce Carson, CEO. “Our strategy following the acquisition will be to expand production from resources within the regional gold belt where the mill is located.”
Under the terms of the MOU, the $100,000 non-refundable extension payment will be credited against the purchase price if the transaction closes. The $1.5 million purchase price for the SDA Mill is payable as to $1.0 million in cash and $500,000 in restricted common stock of Magellan.