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 31st 2012. For all other material processed from the property, the Company’s interest is 80% and MRT has a 20% working interest.