Business
Magellan Gold Provides Update to Shareholders
Magellan Gold Provides Update to Shareholders.
About this update from Magellan Copper And Gold Corp.
[{"type":"text","content":"\n\n\n\nMagellan Gold Provides Update to Shareholders\n\n\n\n\n\nMagellan Gold Provides Update to Shareholders\nPR Newswire\nRENO, Nevada, June 20, 2017\n\n\n\nRENO, Nevada, June 20, 2017 /PRNewswire/ --\n\nMagellan Gold Corporation (OTCQB: MAGE) (\"Magellan\" or \"the Company\"), a U.S.-based mining and exploration enterprise focused on silver and gold, today conveyed the following message to shareholders:\n\nI want to take this opportunity to welcome our new shareholders and to bring you up to date on the progress your company is making. To reintroduce myself, my name is Pierce Carson. I hold a PhD in economic geology from Stanford University and have managed the discovery, financing, development and operation of mining properties internationally and domestically during a career spanning over forty years. I have led operating teams that have been highly successful in developing new gold and copper mines. Shareholders in the related companies saw dramatic stock price increases. Now, at Magellan, management aims to duplicate or better that track record with the ultimate objective of creating substantial value for Magellan shareholders.\n\nSince I became CEO in June 2016, management has refocused the company and developed a strategic plan to transform Magellan into a viable operating company. Basic elements of the strategic plan are (1) to complete the acquisition of the SDA flotation mill in the State of Nayarit, Mexico, which, importantly, would enable the company to achieve near-term production; (2) to expand the 16 million ounce historic silver resource at our flagship Silver District Project, Arizona, with the view of advancing the project towards development and production; and (3) to conduct initial drilling of our Ninobamba, Peru silver-gold exploration property, which holds promise for discovery of a large, disseminated bulk-minable silver/gold deposit. Our overall goal is to build a substantial mining company driven by cash flow and possessing a portfolio of quality exploration and development projects for future growth.\n\nSDA Mill Acquisition, Nayarit, Mexico \n\nOn March 3, 2017, Magellan acquired a 150-day option to purchase the SDA Mill from Rose Petroleum plc (Aim; ROSE) for consideration of $1.0 million in cash and $500,000 in restricted common stock of Magellan. The Company paid an initial $50,000 option fe...