MX Gold (MXL.V) has announced it has entered into a binding agreement to acquire 50% of a private Mexican operation which owns the IDS project, with a gold smelter as its main asset.

The smelter was built in 2014 to process high grade DSO from small-scale gold miners in the entire Durango state in a setting that would be safer and more efficient to process ore at a central point rather than having various small processing plants all over the state.

To complete the acquisition of the initial 50% of the smelter, MX Gold was required to make an initial payment of US$650,000, will have to make an additional payment of US$425,000 within two months after the effective date of the agreement. On top of that, an additional US$450,000 will be paid between 3 and 9 months after the effective date.

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