Pan American Goldfields Production Increase at Cieneguita Silver and Gold Project

Pan American Goldfields Ltd (OTCQB:MXOM) reports a significant increase in gold and silver production at its Cieneguita, Chihuahua, Mexico, joint venture project.

The press release is quoted as saying:

The Company’s partner at the Cieneguita joint venture is Minera Rio Tinto (MRT), a private Chihuahua based company. Under the joint venture agreement the Company receives 20% of the net operating profits after royalties for material processed through the small-scale operation and mined from the first 15 meters depth of the Cieneguita deposit until December 31^st 2012. For all other material processed from the property, the Company’s interest is 80% and MRT has a 20% working interest.

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