MGLQF - Magna Gold: A Growing Gold Producer in Mexico

2024-03-27 17:08:02 ET

Unlocking the value of its recently acquired, past-producing mine in Mexico

Magna Gold is a Canadian mining company engaged in operations, development, and exploration and acquisitions of mines in Mexico.

"We only acquire properties that are near-term production that were either mismanaged or that were forgotten in previous years," says President and CEO, Arturo Bonillas.

The San Francisco Mine

Magna Gold acquired The San Francisco Mine in May 2020. Further, the mine is a past producer located in Sonora, Mexico. "We have close to eight hundred thousand ounces of gold that we're going to extract from the mine over the next seven years at a rate of 70 thousand ounces per year," says Bonillas.

Moreover, Magna Gold expects to have approximately 20 to 25 million dollars in cash in the treasury by the end of the year.

The Mercedes Project

Magna Gold has another asset that’s on a fast track to production, the Mercedes Project. The Mercedes project is an exploration property within the Sierra Madre Occidental province. Additionally, it is a historically productive, regionally extensive tertiary volcanic field that stretches from the United States/Mexico border to Central Mexico.

The Company would like to start mining by Q2 2021. Furthermore, they'd like to generate approximately 20 million dollars due to the cash cost and the production cost at Mercedes being quite low.

Los Judas Project

Los Judas is another gold property that's similar to San Francisco. San Judas is an early stage exploration property consisting of two contiguous claims within the municipality of Trincheras, Sonora, Mexico. The Company expects drilling to begin by the end of the year.

For more information on Magna Gold Corp. (TSX.V: MGR, OTCQB: MGLQF) please fill out the form below.