Newly acquired gold mine in Sonora, Mexico
Magna is a mineral exploration company. They’re focusing on acquiring, exploring and developing quality properties in Mexico with potential for the discovery of significant gold-silver deposits.
Arturo Bonilla, Magna’s President and CEO, co-founded Timmins Gold Corp. where they developed, built and operated the San Francisco Mine for over 10 years.
Magna recently acquired the San Francisco Mine located in Sonora, Mexico. “We extracted 1.15 million ounces.” says Bonilla. “The mine has more than a million ounces in the ground and we have great potential to grow.”
The San Francisco property sits in the north central portion of the state of Sonora, Mexico. This is approximately 150 kilometres north of the state capital, Hermosillo. Further, the property consists of 21 contiguous mining concessions totaling an area of 47,395 hectares (the “San Francisco Mine”). The operation is comprised of two previously mined open pits (San Francisco and La Chicharra) together. They have heap leach processing facilities and associated infrastructure located close to the San Francisco pit.
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Magna Gold’s primary strength is its team of highly experienced mining professionals. Additionally, they have a proven track record of developing properties in Mexico from discovery to production on budget and on time.
Moreover, the Company’s growth strategy is to acquire early or advanced stage mineral deposits through its extensive network of contacts and consolidate these properties enhancing shareholder value.
Magna will initiate low capex, low cost operations early in the life of the project to internally fund the advancement of the resources in the acquired districts while minimizing shareholder dilution.
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