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MX Gold: Initiates Due Diligence including Site Visit of Symple, a Proposed Cryptocurrency/Blockchain Mining Target Company Based in Manitoba(October 18, 2017)
VANCOUVER, British Columbia, Oct. 18, 2017 (GLOBE NEWSWIRE) -- MX Gold Corp. (TSX-V: MXL) (FSE: ODV) (OTCQX: MXLGF) (the “Company” or “MX Gold”) is pleased to announce that CEO Dan Omeniuk and his technical team have completed a site visit and initiated a due diligence review of Symple Internet Financial Ltd. (“Symple”), an arm’s length private British Columbia company based in Manitoba. As disclosed in a news release dated October 13, 2017, MX Gold has entered into a letter of intent to acquire all of the shares of Symple.
Dan Omeniuk describes Albert Buu, the principal of Symple, as a trailblazer in the blockchain/crypto currency mining sector who anticipated future opportunities in the growing industry, including the growth of crypto currencies as an asset class for financial diversification by industry participants. Symple operates in a 5,000 square foot leased facility in Manitoba with the possibility to expand in the future under current leases. As part of its due diligence, MX Gold is modelling potential expansion of the existing site which benefits from having access to highspeed internet access and making sure there is ample cooling and ventilation in the building and most importantly, very competitive energy costs.
CEO Dan Omeniuk comments, “We are excited at the prospect of working with Albert Buu in connection with the acquisition of Symple. We are currently negotiating the definitive agreement and finalizing due diligence on the proposed transaction. Personally, I am also looking forward to working with Albert Buu in Manitoba, a place where I’ve done business for nearly 40 years. I truly believe that the sector can provide our shareholders with a unique angle to differentiate ourselves from other mining companies.”
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 500 tonnes-per-day dynamic cyanide countercurrent system plant constructed in 2013, which the Company plans to expand to 1,000 tonnes-per day. The Company also owns 50% of the IDS Project, which includes a smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day. The smelter was built to receive and process material from small-scale miners across the state of Durango and beyond. MX Gold has acquired a substantial land package of approximately 22,881 acres in the heart of the Golden Triangle. The Company’s primary focus in British Columbia is its 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. 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 Company’s projects please visit our website. www.mxgoldcorp.com
On behalf of the Board of Directors,
Akash Patel, Vice President and Director, MX Gold Corp.
For further information, please contact
Dan Omeniuk, CEO
Email: [email protected]
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Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", “potential”, "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include the anticipation of entering into and closing a definitive agreement with respect to the acquisition of Symple. All of these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation: the Company’s ability to enter into and close the definitive agreement and acquire Symple; the ability to obtain Exchange approval with respect to the transactions; MX Gold’s ability to attract and retain qualified personnel and management, including the proposed consulting agreement with Mr. Buu; and the ability of the Company to fund its operations, as well as other risks and uncertainties identified under the heading “Risk Factors” in the Company’s continuous disclosure documents filed on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. MX Gold cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and MX Gold does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
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