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MX Gold Corp. Retracts Prior Press Release Announcing Throughput Estimates for Magistral Project

VANCOUVER, British Columbia, Sept. 11, 2017 (GLOBE NEWSWIRE) -- MX Gold Corp. (TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) At the request of IIROC the Company wishes to clarify disclosure in its September 8, 2017 news release issued earlier today entitled “MX Gold Corp Receives 1,000 Tonne Per Day Throughput Estimates on the Magistral Project” (the “Prior Release”). The disclosure of estimated tonnage, estimated gold/tonne, estimated silver / tonne, recovery rate gold; recovery rate silver, commercial production, free cash flow, life of project and total free cash flow was a violation of NI 43-101 – Standards of Disclosure of Mineral Projects as no preliminary economic assessment, preliminary feasibility study or feasibility study has been filed to support any of the disclosure.  The disclosure constitutes Restricted Disclosure per NI 43-101, 2.3.  Also, NI 43-101, 4.2 requires the filing of a technical report to support disclosure of this nature – no technical report has been filed to support the disclosure.  As a result the disclosure is not compliant with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Company hereby retracts the entirety of the Prior Release and readers should not rely on the disclosure contained in the Prior Release, including the following statements and table disclosing the technical results and project economics:

  • “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.”
     
  • “*****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.”

The company also wishes to clarify that no qualified person prepared, supervised the preparation or approved the scientific and technical disclosure in the above news release as required by NI 43-101, 2.1 and 3.1.

On behalf of the Board of Directors,

“Akash Patel”

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

For further information, please contact

Dan Omeniuk, CEO
Email: dano@mxgoldcorp.com

Or by email to:

info@mxgoldcorp.com

/EIN News/ -- 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.

Distribution channels: Mining