Telson Mining

Building Mexico’s Next Premier Gold Mines

This profile is part of a paid investor education campaign.*


Telson Mining Corporation (TSXV:TSN, OTCBB:SOHFF) holds two properties in premier mining locations within Mexico, Tahuehueto and Campo Morado. Both of Telson’s properties have significant historical exploration results and one was last in production between 2009 and 2014. Telson expects both properties to have further exploration and production opportunities beyond what is currently identified.

Telson’s Tahuehueto project was acquired by the company in 1997. The majority of exploration activities were performed between 2005 and 2008 and the company is now in position to carry the property to production. In anticipation of this, Telson collected and processed a 3,500 tonne initial bulk sample in early 2017, which enabled the sale of 259 dry tonnes of zinc concentrate and 201 tonnes of lead concentrate for US$1.47 million. The success of this initial bulk sample allowed the company to initiate preproduction mining with toll milling at an off-site processing plant.

During Q1 2018, toll milling produced approximately 9,503 tonnes of ore with an average head grade of 5.44 g/t gold, 61.59 g/t silver, 4.54 percent zinc and 2.25 percent lead. Toll milling also produced 360.29 tonnes of lead concentrate with an average grade of 50.18 percent lead, 99.25 g/t gold, 1,185 g/t silver, 12.19 percent zinc and 712.71 tonnes of zinc concentrate with an average grade of 46.28 percent zinc, 7.41 g/t gold, 105 g/t silver, 0.93 percent lead.

The estimated total cash value of the lead and zinc concentrates produced during Q1 was approximately US$3.03 million based upon those concentrates delivered to Trafigura and invoiced by the company to date.

Telson has also acquired 95 percent of the equipment required for a 1,000 tonne per day processing facility. The company has obtained permits for both an existing and a new tailings disposal facility and has entered a leasing facility with Caterpillar for US$2 million in mobile equipment. The company has also initiated a preproduction program, mining up to 130 tonnes per day and shipping ore to a toll mill for processing and subsequent sale of concentrates. Preproduction is planned to continue during construction and commissioning the processing plant on site, which was permitted in October 2017.

Telson purchased the Campo Morado polymetallic mine in April 2017 for US$20 million. Under Nyrstar (OTC Pink:NYRSY), the property was in production from 2010 to beginning of 2015, with 2014 results including 657,000 tons of ore with an average grade of 1.2 g/t gold, 115.7 g/t silver, 4.6 percent zinc, 1.2 percent copper and 0.9 percent lead.

Campo Morado commenced commercial production in May 2018.  Within 2018, the mill processed 585,601 tonnes of mineralized material with an average grade of 4.26 percent zinc, 0.37 percent copper, 1.10 percent lead, 1.02 g/t gold and 118 g/t silver. By the end of the year, the mill was processing over 1,800 tonnes per day and achieved maximum daily rates of over 2,200 tonnes per day. Telson sold approximately 36.26 million pounds of zinc, 4.03 million pounds of lead, 373,333 pounds of copper, 2,870 ounces of gold and 622,309 ounces of silver from the mine. The company’s estimated all-in operating costs were US$32.46 million.

Telson intends to increase its production capacity to 3,000 tonnes per day operation with its existing equipment. 

Telson’s management team is one with significant insight and experience within the Mexican mining industry and they have over 200 years of collective experience in the mining and capital market industries. Management and insiders hold approximately 55 percent of the shares of Telson.

Company Highlights

  • Two projects in pre-production in prime gold mining Mexican jurisdictions.
  • Prefeasibility study for Tahuehueto outlines an after-tax NPV (8 percent) of US$77 million, an IRR of 36 percent and a 21-year mine life based on a 550 tonnes per day operation.
  • Telson has initiated construction of a mine capable of processing at least 1000 tonnes per day in order to achieve better economics by shortening the mine life by 50 percent or more.
  • Tahuehueto hosts probable reserves of 3.26 million tonnes with grades of 3.40 g/t gold, 41.80 g/t silver, 0.35 percent copper, 1.19 percent lead and 2.24 percent zinc.
  • Tahuehueto measured and indicated resource of 6.11 million tonnes grading of 2.48 g/t gold, 42.82 g/t silver, 0.31 percent copper, 1.20 percent lead and 2.15 percent zinc. Inferred resources add another 3.5 million tonnes of 1.31 g/t gold, 37.6 g/t silver, 0.27 percent copper, 1.34 percent lead and 2.44 percent zinc.
  • Tahuehueto resources contain an estimated 634,000 ounces of gold and adding silver as a gold equivalent elevates this number to 815,000 ounces gold equivalent.
  • Purchase of Campo Morado property included full infrastructure, surface and underground mining equipment for 2,500 tonne per day production.
  • Campo Morado measured and indicated resource of 16.6 million tonnes with grades of 1.70 g/t gold, 123 g/t silver, 0.80 percent copper, 0.93 percent lead and 4.01 percent zinc. Inferred resource of 988,000 tonnes with 1.32 g/t gold, 116 g/t silver, 0.64 percent copper, 0.92 percent lead and 3.2 percent zinc.
  • Telson commenced commercial production at Campo Morado in May 2018.
  • Telson intends to increase production capacity to 3,000 tonnes per day at Campo Morado.
  • Renewable power agreement expected to save C$2 million during the first year in operating costs.
  • Tightly held share structure with management and inside major shareholders holding approximately 55 percent of shares.
  • Management team with over 200 years of combined experience in the mining and capital markets industries as wells as significant insight and hands on operation experience in the Mexico mining industry.

Tahuehueto Project

The Tahuehueto project is a 7,492-hectare property wholly-owned through Telson’s Mexican subsidiary company. The property is located in Mexico’s Durango state within the Sierra Madre mountain range, a region that hosts multiple large-scale gold, silver and base metal deposits. Tahuehueto boasts a large gold, silver and base metal epithermal mineralizing system hosting numerous vein deposits. The property sits approximately 100 kilometers southwest of the Guanacevi region silver mines and 25 kilometers north of Topia’s silver mines.


Telson has owned the Tahuehueto property since 1997 and has performed multiple exploration activities over the last two decades when funding was available in favourable market conditions, particularly between 2005 and 2008. The most recent work on the mine began in mid-2016 as Telson looked to advance the mine towards production. Telson sees this district-scale property as having vast exploration potential and has only explored between 500 to 750 hectares of the property to date.

Prefeasibility Study

Part of the initial work conducted included a NI 43-101-compliant prefeasibility study for a 550-tonne per day ore processing mine. The study’s results were released in January 2017 and include the following highlights:

  • Average annual earnings before interest, taxes, depreciation and amortization (“EBITA”) of US$16.7 million
  • After-tax NPV (eight percent discount) over US$77 million
  • After-tax IRR of 36 percent
  • Payback period of three years
  • Mine life of 21 years
  • Capital cost of US$32.5 million (Telson has reduced this to US$19.5 million as they will be using used milling equipment and leasing mobile equipment)

Recognizing that a 21-year mine life is not optimal, Telson conducted an internal PFS-level study and has initiated the construction of a mine capable of processing at least 1,000 tonnes per day in order to reduce the mine life of the current reserve by half; thereby, achieving vastly improved economics. Construction at the mine site commenced in January 2018.

The 550 tonne per day prefeasibility study calculated probable reserves as listed below. Of note is the elevated gold grade of 3.4 g/t within the reserves which will make Tahuehueto, once in full scale production, one of the highest-grade gold producers within Mexico. The PFS also included resource estimates for measured, indicated and inferred resources.



Telson indicates that with further underground development work allowing exploration along strike and to depth along the mineralized structure containing the current reserves and resources plus exploration of additional unexplored mineralized structures there is excellent potential for increasing both reserve and resources at the project which could easily allow expansion of the plan 1,000 tonne per day mill processing rate.

Advancing the Tahuehueto project into production

Since late 2016, Telson has conducted significant work in order to reach its production targets.

As part of a pre-production initiative and based upon the successful results of the initial bulk sample, Telson’s management elected to conduct a program of continuous pre-production during the Tahuehueto mine development and construction phase. Between July and December 2017, Telson mined ore underground at an average rate of 132 tonnes per day from an ore shoot estimated to contain at least 50,000 tonnes.

During this period, the company mined 22,662 tonnes of ore and the Tahuehueto toll mill processed 14,377 tonnes of ore averaging 6.49 g/t gold, 84.36 g/t silver, 5.29 percent zinc and 2.64 percent lead. Average recoveries of the processed ores included 82.4 percent for gold, 87.8 percent for silver, 79.4 percent lead and 74.4 percent zinc. As such, the company produced 666 tonnes of lead concentrate and 1,130 tonnes of zinc concentrate during 2017 preproduction.

During Q1, the first three months of 2018, toll milling processed approximately 9,503 tonnes of ore. The average head grade of the total pre-production ore processed was 5.44 g/t gold, 61.59 g/t silver, 4.54 percent zinc, 2.25 percent lead. This toll milling produced 360.29 tonnes of lead concentrate with average grades of 50.18 percent lead, 99.25 g/t gold, 1,185 g/t silver, 12.19 percent zinc and 712 tonnes of zinc concentrate with average grades of 46.28 percent zinc, 7.41 g/t gold, 105 g/t silver, 0.93 percent lead. The estimated total cash sale value of the lead and zinc concentrates produced during Q1 was approximately US$3.03 million based upon those concentrates delivered to Trafigura and invoiced by the company to date.

In February 2019, Telson released a summary of its preproduction results for 2018 and provided an update on mine construction activities. Preproduction mining in 2018 produced approximately 37,711 tonnes of ore with average grades of 3.86 g/t gold, 43.6 g/t silver, 3.92 percent zinc, 0.24 percent copper and 2.10 percent lead. Telson produced approximately 818 tonnes of lead concentrate which was sold for US$3.41 million with average grades of 82.22 g/t gold, 878.72 g/t silver, 41.03 percent lead and 2.50 percent copper. The company also produced 1,244 tonnes of zinc concentrate with an average grade of 49.38 percent zinc, 91.95 g/t silver and 6.92 g/t gold during preproduction and was sold for approximately US$1.41 million.

To date, Telson advanced a total of 579 meters of underground development, 97 meters within ore which supplied the pre-production toll milling feed and 482 meters in waste preparing the mine for future commercial production. Development included the Level 12 decline, the El Perdido development drift, El Creston development drift, the Haulage level portal and the main access decline for Level 20

Processing Facility

Following the bulk sample analysis, in February 2017, Telson completed the acquisition of a sulfide flotation mineral processing facility capable of processing 1,000 tonnes per day. This included the purchase of 80 percent of the milling equipment needed to operate the facility, with the remaining 20 percent being sourced. The bulk of the remaining equipment has been sourced and purchased and is currently being transported to the mine site in anticipation of installation and assembly.


In August 2017, Telson also announced that it had received two permits from Mexico’s Semarnat (Secretaría de Medio Ambiente y Recursos Naturales). The first of these allows the company to reactivate their existing tailings disposal facility, which has a capacity of 382,666 square meters and will handle the initial tailing disposal requirements for the first one to two years of production at a rate of 1,000 tonnes per day. The second permit enables Telson to construct a new and larger tailing facility on the property that will provide capacity for the existing resource and well beyond as new resources and reserves are added through exploration. The permit is for an area covering 9.38 hectares with an initial permitted capacity of 13,255,407 square meters.

In October 2017, Telson received a third permit from Semarnat that allows the company to construct a mineral processing facility, related mining facilities, infrastructure and underground development on the Tahuehueto project. All of these steps have been taken in the effort of enabling production on the Tahuehueto property, thus enhancing its value.

Trafigura Mexico Agreement

In September 2017, Telson entered into an offtake and loan facility agreement with Trafigura Mexico SA de CV for US$5 million which helped fund the restart of production operations in October 2017 at an initial mill throughput of 1,400 tonnes per day. In November 2017, Telson released a new NI 43-101 resource estimate for the Campo Morado property.

The resource was subsequently updated with the release of the company’s PEA, which outlined a measured and indicated resource of 16.6 million tonnes grading 1.70 g/t gold, 123 g/t silver, 0.80 percent copper, 0.93 percent lead and 4.01 percent zinc and an inferred resource of 988,000 tonnes with 1.32 g/t gold, 116 g/t silver, 0.64 percent copper, 0.92 percent lead and 3.2 percent zinc.

In November 2017, Telson entered into a loan facility and offtake agreement with Trafigura Mexico SA de CV, a market leader in the global commodities industry, for up to US$15 million which will provide the bulk of the capital requirements to construct and operate an initial 1,000 tonne per day mining operation at Tahuehueto.

Within the same month, the company delivered its first Campo Morado-produced zinc concentrates to Trafigura’s warehouse in Manzanillo, Mexico. Since re-starting operations at Campo Morado in October, the mill is now operating on a continuous basis, approaching a production rate of 2,000 tons per day.

Ongoing Exploration

As Telson continues to push Tahuehueto towards production, the company has continued its exploration efforts to extends the mine’s life. In October 2018, Telson discovered a new vein, called Enmedio, between the El Perdido and El Creston veins while constructing a new level to the mine’s underground workings. The Enmedio vein displays 1.5 meters width and channel sample collected from the vein returned values up to 9.71 g/t gold, 61 g/t silver, 0.61 percent copper, 0.24 percent lead and 0.39 percent zinc.

Telson has also been able to extend the El Perdido vein by approximately 150 meters along strike to the northeast from the Level 12 access decline. Channel samples from the vein returned 3.55 meters grading 8.61 g/t gold, 35 g/t silver, 0.12 copper, 1.39 percent lead and 0.88 percent zinc and two meters grading 5.54 g/t gold, 42 g/t silver, 0.12 percent copper, 2.17 percent lead and 6.18 percent zinc.

Channel samples taken from the El Creston zone include three meters grading 8.89 g/t gold, 88 g/t silver, 0.34 percent copper, 2.25 percent lead and 6.27 percent zinc and 3.2 meters grading 8.12 g/t gold, 134 g/t silver, 0.44 percent copper, 2.44 percent lead and 3.99 percent zinc.

Campo Morado

The Campo Morado mine was first developed by Farallon Resources, who declared commercial production for the project in 2009. In 2010, Farallon was acquired by Nyrstar in a friendly takeover valued at C$420 million. Nyrstar expanded the mine to its present-day capacity with additional investment which produced up to January 2015 when production was halted indefinitely due to deteriorating industry conditions and the mine was placed on care and maintenance until it was acquired by Telson.

Upon acquisition, Telson overhauled and serviced the mill preparing it for a preproduction restart, which was launched in October 2017.  Milling started at 1,400 tonnes per day and steadily increased to 2,000 tonnes per day in April 2018. With the commencement of the new bulk underground mining method to be implemented by Telson’s management which is anticipated to start in May 2018, mill throughput rate is expected to increase towards the mills ultimate capacity of 2,500 tonnes per day.

2018 PEA

In April 2018, Telson released a positive PEA for the Campo Morado property. Highlights from the PEA include the following:

  • Pre-tax NPV (8 percent discount) of US$81 million
  • After-tax NPV (8 percent discount) of US$65 million
  • Undiscounted cashflow before income and mining taxes of US$114 million
  • Undiscounted cashflow after income and mining taxes of US$91 million
  • Life of mine of 12 years, with 9.7 million tonnes of potential mill feed with average grades of 4.33 percent zinc, 1.0 percent lead, 0.78 percent copper, 131.9 g/t silver and 1.71 g/t gold
  • Mining rate of 2,500 tonnes per day

The company plans to implement further strategies to increase the NPV, including making use of an efficient, local workforce, conducting an aggressive exploration campaign to increase the mineral resource, and analyzing leaching processes to increase recovery rates.

An updated NI 43-101 resource estimate was included in the PEA, using a 5.5 percent zinc equivalent cut-off. The resource estimate showed a measured and indicated resource of 16.27 million tonnes with grades of 1.70 g/t gold, 123 g/t silver, 0.80 percent copper, 0.93 percent lead and 4.01 percent zinc. This is complemented by an additional inferred resource of 988,000 tonnes with 1.32 g/t gold, 116 g/t silver, 0.64 percent copper, 0.92 percent lead and 3.20 percent zinc.

Production at Campo Morado

In October 2017, Telson Mining announced the restart of operations on the Campo Morado property. As of December 2017, the mill had processed 106,655 tonnes of mineralized development material over 71 operational days at an average rate of 1,502 tonnes per day. During the first 2.5 months of production, the mine produced 5,021 tonnes of zinc concentrate averaging 44 percent zinc, 1.04 g/t gold and 502 g/t silver. The company shipped approximately 4,530 tonnes of zinc and 578 tonnes of lead concentrate for sale up to December 31, 2017. Preliminary invoicing resulted in payments of US$4.8 million equating to approximately 90 percent of final estimated sale price.

First quarter 2018 preproduction results from Campo Morado mine as disclosed in Telson’s  April 18, 2018 news release are reported as follows:

  • Mill processed 148,676 tonnes of mineralized development material during Q1 2018, with average head grade of 3.65 percent zinc, 0.41 percent copper, 0.90 percent lead, 1.14 g/t gold, 108 g/t silver;
  • Produced 8,206 wet tonnes of zinc concentrate with average grades of 45.16 percent zinc, 1.26 percent copper, 1.94 percent lead, 436 g/t silver and 2.08 g/t gold;
  • Produced 1,365 wet tonnes of lead concentrate with average grades of 24.94 percent lead, 8.29 percent zinc, 2.11 percent copper, 616 g/t silver and 8.92 g/t gold;
  • Produced 82.22 wet tonnes of copper concentrate, 9.87 percent copper, 1,753 g/t silver, 11.88 g/t gold, 10.54 percent lead and 5.76 percent zinc (Copper concentrate only produced for two weeks of the period);
  • Estimated 100 percent cash selling value for 7,297.27 tonnes of shipped zinc concentrates is US$6,918,452 and for 1,157.44 tonnes of shipped lead concentrates is US$785,670, totaling US$7,704,122;
  • Mill throughput processing rate increased from 1,500 tonnes per day in January to over 1,900 tonnes per day early April 2018;
  • Underground development totaled 1,225 meters with 896 meters in mineralized material and 329 meters in waste;
  • Total mineralized material mined was 113,477 tonnes during the quarter.

Total cash proceeds during the six months of preproduction at Campo Morado is estimated to be over US$12.5 million with over 62 percent produced in Q1 2018. Mill throughput is being increased to a capacity of 2,500 tonnes per day. Concentrate grades and metal recoveries are also steadily increasing as the company advances towards commercial production.

In May 2018, Telson commenced commercial production at Campo Morado. Prior to declaring commercial production, the company processed 84,588.8 tonnes through the milling facility at a rate of 1,900 tonnes per day. Toll milling produced 6,708.8 tonnes of zinc concentrate and 1,065.8 tonnes of lead concentrate. Telson had a recovery rate of 73 percent zinc, 31 percent lead, 31 percent silver and 20 percent gold and delivered 5,631 tonnes of zinc concentrate and 1,027 tonnes of lead concentrate to a buyer. In total, the company estimates that it made up to US$7.7 million on the preproduction concentrate produced between April 1 and May 15, 2018.

In February 2019, Telson released its operational and financial update for 2018, which included the preproduction and commercial production highlights for Campo Morado. Within 2018, the mill processed 585,601 tonnes of mineralized material with an average grade of 4.26 percent zinc, 0.37 percent copper, 1.10 percent lead, 1.02 g/t gold and 118 g/t silver. By the end of the year, the mill was processing over 1,800 tonnes per day and achieved maximum daily rates of over 2,200 tonnes per day.

The company sold approximately 39,333 tonnes of zinc concentrate with an average grade of 41.82 percent zinc, 363 g/t silver and 1.27 g/t gold for approximately US$37.17 million and 7,666 tonnes of lead concentrate with an average grade of 23.93 percent lead, 662 g/t silver, 5.15 g/t gold and 2.21 percent copper for approximately US$5.58 million.

Overall, Telson has sold approximately 36.26 million pounds of zinc, 4.03 million pounds of lead, 373,333 pounds of copper, 2,870 ounces of gold and 622,309 ounces of silver. The company’s estimated all-in operating costs were US$32.46 million.

Process Testing

Telson has also been running tests to increase the SAG mill throughput processing rate by at least 15 percent by reducing the size of the crushed mill feed. Positive results from the testing program include an average processing rate of 95.5 tonnes per hour using a minus two-inch mill feed within a four-hour period. This achieved a 15 percent increase when compared to processing a minus five-inch feed.

Based on the results, Telson intends to modify its crushing circuit at Camp Morado to consistently produce a minus two-inch feed. The company will also be upgrading the pumping system to effectively move material through the mill to increase throughput and productivity while maintaining high zinc grades. With these changes, Telson’s management team believes that the company can achieve processing rates in excess of the average 95.5 tonnes per hour it obtained in testing.

Through discussions with Maelgwyn Mineral Services, who conducted preliminary testing of samples from Campo Morado in 2013 for Nystar, Telson became aware that substantial increases in precious metals recoveries could be achievable at Campo Morado using the Maelgwyn Leachox process. The 2013 testing of materials displayed a maximum recovery of 65 percent gold and 75 percent silver from the process tailings sample and a maximum recovery of 45 percent gold and 81 percent silver from the Reforma sample.

“The Leachox precious metal recovery testing conducted by Maelgwyn demonstrates that significant increases up to 65 percent gold and 81 percent silver are possible at Campo Morado,” said Berlanga. “Should additional planned Leachox testing of optimization work to confirm recoveries, ultimate best grind size and reagent additions show a path forward to a commercial installation of this technology, we could improve recoveries from current levels of gold at 15 to 20 percent and silver at 30 to 40 percent, which would significantly increase the mines profitability by increasing the ounces of gold and silver produced at Campo Morado.”

Loan Agreement with Nystar

In June 2018, Telson signed a loan agreement with Nystar for the remaining US$8.5 million due under its acquisition agreement to be converted into a loan. The agreement allows Telson to extend its payment terms for a period of eight months. The two companies amended the terms of the loan agreement in December 2018. The new terms of the agreement are as follows:

  • To pay on or before November 23, 2018 an amount of US$500,000 as principal repayment plus any accrued interest. (Paid)
  • Monthly principal repayments of US$500,000 on the thirteenth day of each month starting on December 13, 2018 and up until October 2019, plus any accrued interest.
  • An interest rate of 10 percent per annum.
  • Telson will also pay 70 percent of any monthly free cash flow and any monthly excess cash balance above US$500,000; plus, 50 percent of the monthly free cash flow generated on the Tahuehueto project once it’s in commercial production.

Telson has until repay the full balance of the loan agreement by the end of October 2019.

Renewable Power Purchase Agreement

Telson has signed a renewable power agreement for the Campo Morado mine as part of the company’s ongoing efforts to reduce its environmental footprint and long-term mine operating costs. The agreement outlines a 10-year term for a maximum cost of $1.10 per kilowatt hour or equivalent to C$0.072 per kilowatt hour. The agreement is expected to come into effect no later than June 2019 with Telson committing to 42 gigawatts per year.

Telson estimates that the deal will save approximately C$2 million during the first year in operating costs.

“The renewable power purchase agreement with Energia Solar provides Telson with a steady supply of renewable source generated power at an inflation-indexed fixed price that will significantly reduce environmental footprint and reduce operating costs and future profitability. Additionally, this agreement satisfies local regulations that require Campo Morado mine to use a minimum of 25 percent green-generated energy,” said Berlanga. “It is also a significant step forward for Telson to do its part in the world-wide battle against global warming”

Our news release of May 30 2019 includes an update on Q1 2019 sales and operations figures.  This should be included

I would remove this about the Albion Process


Jose Antonio Berlanga Balderas, P.Eng—CEO and Director

Sr. Berlanga is a Mining and Metallurgist Engineer with over 42 years of experience in the acquisition, evaluation, design, planning, engineering, construction and operation of mining and metallurgical units.

In addition to his role as Telson’s CEO, Antonio’s prime responsibility is managing all facets of Telson’s mining, processing, development and exploration work, and setting Telson’s strategic direction.

Sr. Berlanga has extensive experience and skills in the development and operation of mining projects through the application of technology and high optimization methods in extracting minerals. Some of the projects that Antonio through Reyna Minas has participated include: El Oro in the State of Mexico, La Negra in Queretaro, La Amelia in Sonora and Pinzan Morado in Guerrero, among others. He has also promoted important mining assets with Canadian companies, the latest being the Morelos Sur and El Barqueno projects with Cayden Resources.

From 1993 to 2001 he obtained invaluable knowledge of the deposits and mines in Mexico as deputy technical director of the Trust for Mining Development in Mexico, a development bank specializing in the mining industry. He has been a two term President of the prestigious College of Engineering Geologists, Mining and Metallurgist of Mexico and has occupied executive positions in the AIGMM as well as an advisor in the Engineering faculty at UNAM.

During his professional career, he worked eight years as divisional projects superintendent with Servicios Industriales Penoles, SA de CV participating in the development and construction on various mines between 1978-1985 and with Minas de San Luis in 1980 and Minera Autlan in 1977.

Ralph Shearing, P.Geol.—President and Director

Mr. Shearing is a graduate of the University of British Columbia holding a B.Sc Geology Degree. Since graduating in 1981, Mr. Shearing has practiced his profession as a professional geologist throughout Canada and internationally. He has been directly involved in several world class exploration and development projects in British Columbia, Canada. During an active mineral exploration and development career, Mr. Shearing has gained hands-on experience in all aspects of mineral exploration including, geophysics, geochemistry, geology and diamond core drilling, the latter as a senior partner of a successful contract diamond drilling company. In 1986, Mr. Shearing founded Telson Mining Inc. Mr. Shearing’s experience managing and directing publicly listed companies over the last 22 years, combined with his practical experience in implementing major exploration projects, gives Telson Mining Inc. a director with unique insight, invaluable practical experience, and a well-rounded business approach to a junior resource company.

Enrique Margalef—VP Corporate Development and Director

Enrique Margalef is a former investment banker with 10 years of experience in mergers and acquisitions, financial valuations, evaluation of investment projects, analysis of financial statements and cash flow management. He has performed business valuations and analysis of investment projects for Mexican and transnational companies in the mining industry, training/education industries, payments industry and hardware industry, among others. During his professional career, 5 years have been dedicated specifically to the mining industry, having been a partner at a Candiani Mining Investment Bank for 3 years. He has advised numerous clients in the valuation of their mines and exploration projects. Additionally, he managed the investments of Vander Capital Partners private equity fund for the acquisition and exploration of two early stage exploration projects before moving to Vander Mining, a Vander Capital Partners subsidiary, as a partner.

Omar Garcia Abrego, CPA, CA—CFO

Omar Garcia Abrego is a Spanish speaking Chartered Accountant with 17 years of international experience in public practice, private sector and TSX public companies. For the most of the past decade, he has worked in the mining industry supporting senior management in the areas of financial reporting and technical areas of accounting.

Arturo Bonillas, P.Eng—Director

Arturo Bonillas was, until recently, the President and Co-Founder of Timmins Gold. His knowledge of mining in Mexico has been essential to the company’s success.  As  Timmins President he built the production and exploration teams in Mexico and guided the company to consistent annual increases in reserve and resource growth, throughput and production. Timmins Mexican team led by Bonillas had an impeccable track record in relationships with the local communities, obtained in his more than 34 years of experience in the mining and exploration industry in Mexico. He has held positions ranging from mine planning engineer, operations research engineer, chief of financial planning and Vice President of purchasing for Compania Minera de Cananea and later for a subsidiary of Placer Dome in Mexico. He directed full bankable feasibility studies for the Mulatos gold project in Sonora, and the San Felipe gold project in Baja California.

Rory Godinho, LLB. — Director

Rory Godinho is the Co-Chair of Miller Thomson’s Capital Markets and Securities Group. He has extensive contacts in the Canadian capital markets and has assisted several public and private companies with raising equity. He has a broad range of experience in all types of securities transactions and corporate governance related matters.

Rory’s primary responsibility is Telson’s capital markets initiatives.

He is the past Chair of the TSX Venture Exchange’s National Advisory Committee, and a current director of the Capital Markets Authority Implementation Organization (CMAIO) which is expected to create and evolve into the Capital Markets Regulatory (CMRA). CMRA is a cooperative proposal by several Canadian Provinces, including British Columbia and Ontario, and the Canadian Federal Government to create a single regulator to administer a common securities act.

Roberto Guzman, M.Fin. – Director

Roberto Guzmán obtained a master’s degree in finance from the Universidad Tecnologica de Mexico in 1989 and has over 25 years of experience in the financial sector, primarily in Mexico. Initially working as finance manager for several Mexican publicly traded companies, such as Finamex S.A. de C.V., Bursamex S.A. de C.V and Invermexico S.A. de C.V, as well as other private Mexican financial companies, including Unión de Crédito Metropolitana SA de CV, Soluciones Integral SA de CV and FOVISSTE. Guzman is also a Director of Bursamétrica Casa de Bolsa, a Mexican brokerage firm.

Guzman, an indirect controlling shareholder and insider of the company is currently President, Director and major shareholder of the ESCORFIN Group, which owns several private equity funds that specialize in real estate development, energy innovations and tourism investment in Mexico.

Remigio Martinez Muller, B.S.Geo—Director

Remigio Martinez has worked his whole professional career with Grupo Mexico starting in 1967 until 2016, where he became an independent consultant. In his 46-year career with Grupo Mexico, Martinez worked as a Geophysicist and Exploration Geologist, Manager of Mine Geology for underground operations, and Director of Exploration for Grupo Operations in Mexico, Peru, USA, Canada, French Guyana, Ireland, Australia and Chile. During his career, he has worked in all facets of mineral exploration and development, from field geology to final economic evaluation of properties and onward to underground and open pit mining operations. He has extensive expertise in porphyry copper and in underground vein and skarn type deposits.

Martinez graduated with a B.S. in Geology from Michigan Technological University in 1966 and in 1973 he received a M.S. in Economic Geology from the Colorado School of Mines. He has been a member of the Asociación de Ingenieros de Minas, Metalurgistas y Geologos de Mexico, AC since 1967. He has also been a member of the Society of Economic Geologists from 1980 to 1988 and from 1998 to 2013.

Yao Sun, B.Comm, CFA, CMA, CPA—Director

Yao Sun graduated from the University of BC with a Bachelor of Commerce in 2005. He is an active member of the CFA Institute and the Certified Management Accountants (CMA) of Canada. Upon graduation from UBC, Sun was a financial analyst and portfolio manager for a private real estate company in Beijing, China. He is currently the CEO of Clearstone Capital Corporation, a Canadian company which provides advisory services to Canadian and Chinese public companies.


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