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MX Gold Corp Receives 1,000 Tonne Per Day Throughput Estimates On The Magistral Project

VANCOUVER, British Columbia, Sept. 08, 2017 (GLOBE NEWSWIRE) -- MX Gold Corp. (TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the “Company” or “MX Gold”), in its joint venture partnership with GracePoint Mining Corp (OTC PINK:FRMA), is pleased to report that Componentes Mineros SA DE CV, has confirmed being on track for plant expansion build out completion, that will increase throughput capacity to 1,000 tonnes per day.

Dan Omeniuk, MX Gold Corp. Chairman & CEO said: “Our team is passionate about the Magistral project! We are pleased to see the project advancing on schedule, with the plant operational, by this November. We are also glad to see the continual growth in the price of Gold since the acquisition of the project.”

/EIN News/ -- While all project objectives and estimates have been done on a non-43-101 complaint basis, for project planning purposes and based on the increased production capacity, the company is using the following updated targeted yields:

Magistral Project
Estimated Tonnage 1,200,000 Metric Tonnes
Gold Price $1,275 
Estimated Gold / Tonne 2.06 grams
Estimated Silver / Tonne 3.9 grams
Recovery Rate Gold 76%
Recovery Rate Silver 45%
Commercial Production (CP) 30,000 Tonnes per month
Free Cash Flow – Pretax / Quarter (CP) $3,014,500 USD
Life of Project (assumes no additional ore feed)    3.5 years
Total Free Cash Flow Generated (Pre-tax) $42,203,000 

* The CM report does not comply with National Instrument 43-101, Standards of Disclosure For Mineral Projects, a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or reserve and the Company is not treating the historical estimate as a current mineral resource or reserve. 

**Based on work done in January 2012 by Corporación Ambiental de México, S.A de C.V. A historical estimate was completed by Corporation Ambiental de Mexico SA de CV on Jan. 20, 2012, titled “Perforacion y Muestreo en Presa de Jaleas Estimation Volumetrica, Tonelaje y Ley Promedio.” The CM report estimated a probable reserve of 1.25 million tonnes averaging 2.06 grams per tonne gold. The assumptions for this estimate were based on 58 auger samples, 2.45 metres to three metres in length from 24 drill holes.

***Based on work done in March 2012 by Kappes Cassiday Associates, and, with the oversight of Wayne M. Ash P.Eng., in November 2016 by Met-Solve Lab S.A. de C.V., and in January 2017 by Metallurgy equipment S.A. de C.V.

**** Under the direction of Benitzel Avila Sanchez, and with the help of Componentes Mineros, based on work done in January 2017 by Metallurgy equipment S.A. de C.V.

*****Lorne Warner, P.Geo., is a director of the Company and a qualified person as defined by National Instrument 43-101.  Mr. Warner has not verified any of the data disclosed in this news release.

About MX Gold

MX Gold is a junior mining company focused on the exploration and development of advanced projects located in Mexico and British Columbia, Canada. The company’s primary focus, is the Magistral del Oro tailings project located 392 km SW of  Chihuahua and includes a fully permitted, 500 tonne-per-day dynamic cyanide countercurrent system plant constructed in 2013 and tailings containing a historic estimate of 1.25 million tonnes averaging 2.06 grams per tonne gold.  The company is currently expanding to 1000 tonne-per day which is scheduled to be completed by the 4th quarter of 2017. The Company also owns 50% of the IDS Project, which includes a fully permitted smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day. 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. 

MX Gold Corp. is also focused on the exploration, development and mining of advanced projects located in British Columbia and Mexico. The Company’s primary focus in British Columbia is its high-grade Willa gold and copper project located 12 kilometers south of Silverton, B.C. In 2015, MX Gold Corp. completed the accretive acquisition of the Willa project and the Max Molybdenum Mine and Mill Complex. This acquisition removed major costs and shortened timelines typically associated with mine project development. The Willa mine is located 135 kilometers south of the Max Mill. MX Gold Corp. can also elect to reopen the Max Molybdenum mining operation once world Moly prices improve. For updates on the Magistral Project please visit our website. www.mxgoldcorp.com

On behalf of the Board of Directors,

“Akash Patel”

Akash Patel, Vice President and Director, MX Gold Corp.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

For further information, please contact

Dan Omeniuk, CEO
Email: dano@mxgoldcorp.com

Or by email to:

info@mxgoldcorp.com

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