2017-04-28 20:18 ET – News Release
Mr. Dan Omeniuk reports
MX GOLD CORP. CONTINUES TO EARN INTEREST IN DURANGO SMELTER PROJECT IN MEXICO
Further to the Feb. 13, 2017, news release, MX Gold Corp. has paid an additional $425,000 (U.S.) to American Metal Mining SA de CV as required under the option agreement dated Feb. 6, 2017, as amended. To date, the company has paid $1,075,000 (U.S.) of the $1,525,000 (U.S.) total amount required to acquire 50 per cent of the shares of a private Mexican corporation that holds the IDS project. As stated in the Feb. 13 news release, the IDS project consists of a past-producing gold smelter, three acres of land situated around the smelter, and various equipment and permits associated therewith. Upon advancement of the initial payment, the company was granted a 49.5-per-cent net profit participating interest in the IDS project that will remain until option exercise, provided that all payments are made by the company in accordance with the amended option agreement.
The company also announces that it has granted 5.75 million stock options to its directors and executive officers and 3.25 million to consultants for the purchase of up to an aggregate nine million common shares of the company, pursuant to its stock option plan, at a price of 13 cents per common share. Common shares issuable under the exercise of stock options held by directors and officers of the company will be subject to an exchange hold period of four months and one day from the date of grant of the stock options.
Each option granted to directors, executive officers and certain consultants is exercisable for a period of five years. These stock options vest as follows: (i) 25 per cent vests immediately, (ii) 25 per cent vests after three months, (iii) 25 per cent vests after six months and (iv) 25 per cent vests after nine months.
About MX Gold Corp.
MX Gold is a junior mining company 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 kilometres south of Silverton, B.C. In 2015, MX Gold 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 kilometres south of the Max mill. MX Gold can also elect to reopen the Max molybdenum mining operation once world moly prices improve.
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