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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.
MX Gold Corp. Signs LOI to Acquire a 50% Interest in the Durango Smelter Project in Mexico
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 13, 2017) – MX Gold Corp. (TSX VENTURE:MXL)(FRANKFURT:ODV)(OTCQX:MXLGF) (the “Company” or “MX Gold”) is pleased to announce the entry into a binding option agreement with American Metal Mining S.A. de C.V. (“AMM”) whereby, upon certain scheduled payments totaling US$1,525,000, the Company will acquire 50% of the shares of a private Mexican corporation that holds the IDS Project. The IDS Project consists of a past-producing gold smelter, three acres of land situate around the smelter, and various equipment and permits associated therewith. Upon advancement of the initial payment of US$650,000, the Company was granted a 49.5% net profit participating interest in the IDS Project that will remain until option exercise, provided that all payments are made by the Company in accordance with the option agreement.
Firma Acquires Remaining Interest In Fully Permitted IDS Smelter
HENDERSON, NV–(Marketwired – February 13, 2017) – Firma Holdings Corp. (OTC PINK: FRMA), through its subsidiary Gracepoint Mining Corp, is pleased to announce, regarding its Durango Smelter Project, which is joint ventured with MX Gold Corp. (TSX VENTURE: MXL) (FRANKFURT: ODV) (OTCQX: MXLGF), the company has now completed the purchase of a 100% interest in INVERSIONES DURANGO SAN LUIS, S.A. C.V., which is located in Durango, Durango, Mexico.
The acquisition includes a fully permitted smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day (TPD). The smelter was built to receive and process high-grade direct ship ores and concentrates from small-scale miners across the state of Durango and beyond. The concept was birthed by the vision of Rosa Isela De La Rocha, a state Senator for Durango. Using a central location to safely and more efficiently process daily production, the community of local miners could enhance economics and quality of life. By eliminating the need for each miner to process, or otherwise dispose of, their individual ore production, the miners are able to spend more time producing and also receive a higher return from their production.