CARSON CITY, Nev., Jan. 22, 2014 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG) today announced that it has completed the land acquisition and purchase of the San Felix Mine. The final piece was the purchase agreement finalized with the Ejido land owners which the San Felix concessions lay upon. CEO Paul Thompson has worked tirelessly over the last year consolidating this property and tying up all loose ends. Mr. Thompson explained, "Within a short time of forming the Mexus/Trinidad JV we learned there were property right issues on and around the San Felix mine. Those issues are now settled leaving Mexus Enterprise SA de CV in full control of the property and the rights that go along with that control."
Mexus Gold is reducing its monthly overhead at the San Felix mine and concentrating on increasing the gold equivalent reserve value. The company just received the most recent drill results from ING. Guillermo E. Teran-Martinez. Mr. Teran-Martinez drilled 850.95 meters with outstanding results.
Highlights of this report include a 60 foot interval averaging .187 ounces of gold and 3.65 ounces of silver per ton (Hole E 25). In addition, Hole E 78, contained a 20 foot interval averaging 0.176 ounces of gold and 2.383 ounces of silver per ton.
These results add credence to the company's belief that the property has the potential to show a 1 million ounce gold equivalent reserve.
Negotiations between Mexus and potential buyers of the San Felix property are still ongoing. There is currently one offer on the table that would include a cash payment in addition to a per ounce concession paid based on a 43-101 certified drilling program. The company is confident any drilling program would confirm a large reserve on this property.
About Mexus Gold US (OTCQB:MXSG)
Mexus Gold US is a gold, silver and copper exploration company focused on projects in the Western United States and Northern Mexico. Mexus Gold US and its subsidiaries Mexus Enterprises S.A. de C.V. and Mexus Gold Mining S.A. de C.V. have several mining operations in Mexico. Mexican operations include the San Felix Mine; the Mexus-Atzek Mine, a joint venture agreement with Atzek Mineral S.A. de C.V.; the Julio Mine and other prospective areas awaiting additional exploration and evaluation. Mexus Gold Mining S.A. de C.V. and Mexus Enterprises S.A. de C.V. employ over 60 people and utilize third-party consultants and geologists to assess its mining exploration and operations for gold and other precious metal values. Founded in 2009, Mexus Gold US is committed to protecting the environment, mine safety and employing members of the communities in which it operates. For more information on Mexus Gold US, visit mexusgoldus.com.
Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
CONTACT: Paul Thompson CEO/President
Source: Mexus Gold US