Pan American Goldfields Reports Completion of Definitive Agreement for Restructure of Cieneguita JV & Additional Production Increase at Cieneguita Ag & Au Project

- September 29th, 2011

Pan American Goldfields (OTCQB:MXOM) reported that is has executed the definitive agreement with Minero Rio Tinto (MRT), a private Mexican company, for the restructure of its Cieneguita JV and significant increase in gold and silver production at the Cieneguita project.

Pan American Goldfields (OTCQB:MXOM) reported that is has executed the definitive agreement with Minero Rio Tinto (MRT), a private Mexican company, for the restructure of its Cieneguita JV and significant increase in gold and silver production at the Cieneguita project.

 

The press release is quoted as saying:

A bulk sulfide concentrate is currently produced at the pilot operation at the Cieneguita project which is shipped for further processing to MRT’s mill at Choix, Mexico, where a lead concentrate containing the gold and silver is produced. This concentrate is shipped to the port of Manzanillo, Mexico where it is sold under contract to TrafiguraBeheer BV, a leading concentrate purchaser. Production highlights for August and the first part of September include the following:

  • production reached design capacity of 500 tons per day in August and has remained stable at that level;
  • August production totaled 544.2 oz gold and 36,304 oz silver
  • 11,915 metric tonnes were processed in the first 24 days of September;
  • average recoveries were 86 – 89% for gold and 90-91% for silver (from flotation – bulk concentrate);
  • 514.65 oz gold and 29,151 oz silver were produced in the first 24 days of September.

Click here to access the entire news release.

Click here to access Pan American Goldfields’ company profile.(OTC:MXOM)

 

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