Business
Magellan Gold Provides Update on Mexican Activities
Magellan Gold Provides Update on Mexican Activities.
About this update from Magellan Copper And Gold Corp.
[{"type":"text","content":"\n\n\n\nMagellan Gold Provides Update on Mexican Activities\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMagellan Gold Provides Update on Mexican Activities\nPlaces high priority on advancing El Dorado Gold-Silver Mine to Production\nPR Newswire\nRENO, Nevada, April 3, 2019\n\n\n\nRENO, Nevada, April 3, 2019 /PRNewswire/ -- Magellan Gold Corporation (OTCQB:  MAGE) (\"Magellan\" or \"the Company), today provided an update on its El Dorado Gold-Silver Mine and its SDA Mill located in Nayarit State, Mexico. In March, the Company gained the support of the local permitting officials. It anticipates the new federal administration will favor the permitting of El Dorado, including both environmental and explosives permits, allowing the mine's economic impact to enhance the local community. Magellan anticipates receiving both of these key permits later in 2019 and then could be in a position to move forward with mine development.  El Dorado lies 50 kilometers south of the Company's SDA Mill. Magellan plans to truck the ore from El Dorado to the SDA Mill for processing. \n\"We have placed a high priority on achieving production at El Dorado\", said Pierce Carson, Magellan's CEO. \"In addition to progress on permitting, we also have initiated work on mine design, project economics and formulation of a development schedule and budget. The drilled resource has an attractive grade approximating 7.0 grams gold per tonne and appears to be sufficient to support an underground mining operation for several years at a mining rate of 100 tons per day. At current metal prices, revenues are anticipated to be on the order of $7.0 million annually.\"  \nAs pre-production efforts continue at El Dorado, this week the Company launched a regional program with a senior Mexican geologist to locate other sources of ore to feed the SDA Mill. The objective is to utilize the mill to generate revenue and defray holding costs until El Dorado reaches production. As previously reported, the SDA Mill conducted a bulk test of third-party ore to determine the viability of entering into a l...