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Mexican Gold Acquires 100% of the Pepe, Pepe Tres and San Jose Concessions at Las Minas
THUNDER BAY, Ontario, Dec. 07, 2018 (GLOBE NEWSWIRE) -- MEXICAN GOLD CORP. (the “Company” or “Mexican Gold”) (TSX-V: MEX) is pleased to announce that following
About this update from Mexican Gold Mining Corp.
[{"type":"text","content":" THUNDER BAY, Ontario, Dec. 07, 2018 (GLOBE NEWSWIRE) -- MEXICAN GOLD CORP. (the “Company” or “Mexican Gold”) (TSX-V: MEX) is pleased to announce that following the closing of Tranche 1 of its on-going financing, Mexican Gold’s wholly-owned subsidiary, Roca Verde Exploracion de Mexico, S.A. de C.V. (\"Roca Verde\"), has finalized the acquisition of a 100% interest in the Pepe, Pepe Tres, and San Jose concessions (the \"Concessions\") at its Las Minas property. The Company has completed the final payment of US$ 866,666 of the Purchase and Sale Agreement (the “PSA”). Pursuant to the terms of the PSA, (see press release June 18, 2017) ownership will now transfer to Roca Verde. The owners retain a 1.5% NSR royalty, of which one third may be purchased by Roca Verde for US$500,000 at any time. Furthermore, Roca Verde has a right of first refusal in the event that the owners intend to transfer all or part of the remaining 1% royalty. Dr. Carl Hering, CEO, stated, \"Making the final payment is a significant milestone for the Las Minas Project. Mexican Gold can now focus entirely on advancing the Project towards a pre-feasibility study. The first step will be to complete an updated 43-101 Resource estimate which should show significant improvement over the 2017 43-101. This work has been initiated, and it is expected to be completed in Q1 2019.” The Pepe, Pepe Tres and San Jose concessions form the core of the Las Minas property, covering a surface area of 1,117.7 hectares. The concessions encompass six highly mineralized zones, including the El Dorado/Juan Bran and Santa Cruz zones which cover the main Resource area identified to date. In August 2017, the company filed an initial resource estimate for the El Dorado/Juan Bran and Santa Cruz - see press release dated August 1, 2017. The resource, which was primarily open pit modelled, delineated 15.3 million tonnes with 304,000 gold equivalent ounces in the measured and indicated category (5.0 million tonnes grading 1.90 grams gold equivalent per tonne – 0.92 g/t Au, 0.59% Cu, 4.37 g/t Ag)) and another 719,000 ounces gold equivalent ounces in 10.3 million inferred tonnes grading 2.17 grams gold equivalent (1.08 g/t Au, 0.66 & Cu, 3.99 g/t Ag). The updated resource model, to be completed in Q1 2019, will include drilling in the recently discovered, high-grade El Dorad...