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Magellan Gold – chase of SDA Mill Expected to Close in November – Milling Operations Restarted and Underway
Magellan Gold Corporation (OTCQB: MAGE) (“Magellan” or “the Company”) is pleased to announce that its purchase of the SDA Mill, Nayarit State, Mexico, from Rose Petroleum plc (AIM: ROSE) is nearing conclusion. The final major item for closing to occur, restructuring of Mexican ownership of the SDA Mill, is in progress and is expected to be concluded in November 2017. Other important closing items already in place include the necessary funding and Rose’s shareholder approval.
Magellan is especially pleased to announce that effective for the month of November 2017, operations of the SDA Mill have re-commenced under an interim milling agreement between the Company and Rose and its Mexican operating subsidiary. The processing plant currently is treating third-party ore on a toll basis at the rate of 100 tons per day. Magellan has funded costs of the interim operations under an approved budget and will be entitled to proceeds therefrom.
“Acquisition of the SDA Mill will transform Magellan into a production company and will be an exciting development for our shareholders,” stated CEO Pierce Carson. “With production started already under the interim processing agreement, we have begun to execute on our strategy to resume processing operations, build production and increase cash flow.”
Magellan Gold Announces New CFO and Secretary
http://www.prnewswire.com/news-releases/magellan-gold-announces-new-cfo-and-secretary-645334313.html
Magellan Gold Corporation (OTCQB: MAGE) (“Magellan” or “the Company“) is pleased to announce the appointment of Michael P. Martinez as CFO and Secretary of the Company, effective immediately. To facilitate this change, John C. Power recently stepped down as CFO and Secretary. The Company wishes to thank Mr. Power for his service as an officer since Magellan’s inception. Mr. Power will continue in his role as a director of the Company.
John Power stated, “We are delighted to welcome Michael to the Company. A CFO of his high caliber will be needed to meet the growing demands of our business strategy.”
Michael P. Martinez brings twenty-five years of proven financial management and accounting experience, including twenty years in executive management positions with high-growth companies. He has held roles in both public and private sectors in directing financial reporting, accounting, human resources, treasury functions and capital formation.
Mr. Martinez’s expertise includes strategic planning, mergers and acquisitions, and contract negotiation. He has an excellent understanding of SEC compliance reporting for publicly traded companies. Early in his career Mr. Martinez worked as a senior accountant for a top-four international public accounting firm.