Day: April 16, 2018

Kiran Patankar, President and CEO, stated: “Equity market conditions remain challenging for junior mining companies despite an uptick in commodity prices over the past year. During this time, our surface exploration work has uncovered previously unknown resource expansion potential and identified new drill-ready discovery targets, both of which would significantly enhance the long-term value of the Company’s flagship Tepal project. Regarding the name change, the word ‘valoro’ in Spanish means ‘I value’ with an emphasis on ‘oro’, which is Spanish for ‘gold’ and reflects our current focus in Mexico. We believe that the proposed Consolidation will better position the Company to finance its growth objectives in 2018 and beyond.”

William Murray, the Chairman of Prospero said: “Prospero’s plan for the coming field season is to continue value-added work to our existing project portfolio, and to finalise arrangements to acquire more projects. The ‘first-pass’ drilling of three projects in 2017 with strategic partner Fortuna Silver essentially validated Tawn Albinson’s exploration strategy for epithermal systems. Pachuca SE, for example, was totally blind at surface, and yet all three holes have identified extensive mineralised structures. We now look forward to the continuation of this rapid assessment exploration approach on three other projects, namely Buenavista; Trias and Bermudez. This private placement is an important first step toward raising what we hope will be sufficient funding for roughly 6,000m of core drilling during 2018.”

Mexus Gold US (OTCQB: MXSG) announced today that MexusGold Mining SA de CV, a subsidiary of MexusGold US, is terminating its joint venture agreement with MarMar Holdings. The agreement outlined the contractual obligations at the Santa Elena project in Caborca, Sonora State, Mexico. The decision to terminate the agreement was made due to MarMar’s lack of funding for the project, non-compliance with various aspects of the agreement, and their inability to meet environmental standards at the site. Lack of funding by MarMar resulted in a disappointing 8.5oz Au produced in the last 22 months. The agreement stipulated that MarMar was to provide the funding, equipment, and fully operate the mine. Unfortunately, this did not occur.