MX Gold (MXL.V) announced its new COO, Bert McPherson, has arrived in Canada and will be reviewing all engineering and mine plans before submitting those to the Ministry of Mines. These plans include a newly designed portal which would ideally be located roughly 50 meters north of the current portal at level 1025 and will intersect the original 1025 portal and ramp.
MX Gold plans to commence the activities on August 20 and all work programs are currently on time and on budget for its 10,000 tonne bulk sample. These 10,000 tonnes will subsequently be processed at the Max mill after its re-fabrication to maximize the recovery of the gold (and this process is expected to take just 2-3 months).
The company also wanted to raise up to C$1M by issuing new units at C$0.25 per unit, but has now increased the placement to C$1.3M ‘due to significant interest’. Each unit consists of one common share and a full warrant, enabling the warrant holder to acquire an additional share of MX Gold at C$0.75 for a period of three years.