British Columbia Securities Commission issued a Cease Trade Order against MX Gold
OREANDA-NEWS. February 02, 2018. MX Gold Corp. (TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) announces that on January 10, 2018, the British Columbia Securities Commission (the “BCSC”) issued a Cease Trade Order against the Company (the “CTO”) as a result of the Company not filing technical reports under National Instrument 43-101 to support first time disclosure of the results of a preliminary economic assessment on its Max Molybdenum property and to support first time disclosure of mineral reserves on its Magistral property.
The Company is working diligently to address the deficiencies in the CTO.
On January 11, 2018, the TSX Venture Exchange (the “Exchange”) suspended the Company’s common shares from trading on the Exchange as a result of the CTO. The Company intends to apply to the Exchange for re-instatement of trading in the Company’s shares after the CTO is revoked by the BCSC.
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 permitted, 500 tonne-per-day dynamic cyanide countercurrent system plant constructed in 2013. The Company is currently expanding to 1,000 tonne-per day. The Company also owns 50% of the IDS Project, which includes a permitted 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.