MX Gold announces purchase of extraction systems, crypto-currencies

Yesterday, MX Gold Corp announced that it has purchased 360 extraction systems, crypto-currencies within the framework of the pilot project of the company. The group has commissioned 360 units of the system of mining of crypto-currencies, Avalon Miner, manufactured by Canaan Creative Co. The devices are expected to be delivered on November 20, 2017. If this delivery deadline is met, the company plans to begin extraction of digital currency in December.

If the mining of crypto-currency is yet unknown, here is a video explaining this technique :

To accommodate the mining of crypto-currencies for the pilot project, the MX Gold is currently negotiating a local of almost 15 680 m2 with Manitoba Ltd.

A local professional important to receive this technology

Manitoba Ltd is a company owned by Dan Omeniuk, which is none other than the president and CEO of MX Gold. The lease proposed is therefore considered to be a transaction between an entity pursuant to Regulation 61-101 respecting protection of minority security holders in special transactions.

Thus, the lease will be exempt from the requirement of a formal assessment and the requirement for approval of minority shareholders. In effect, the market value of the property in question does not exceed 25 % of the market capitalization of the company. The CEO of MX Gold has stated that their company is looking forward to develop this project.

MX Gold wants to develop slowly but surely

MX Gold has decided not to acquire Symple Internet Financial Ltd. The company has instead opted for the in-house development of their own mining technology. MX Gold is a mining company that is still young. It is currently in Colombia, Mexico, and Canada. The objective of the company is to develop the mining project is located 392 km south-west of Chihuahua.

The company also owns 50 % of the company IDS, which includes a smelter with a production capacity of 50 tonnes per day. MX Gold also acquired a large plot of approximately 22 881 m2 in the heart of the Golden Triangle.

Source : NasDaq