Pan American Conducts Strategic Review of Operations to Advance Cieneguita
VANCOUVER, Aug. 16, 2013 /CNW/ - Pan American Goldfields Ltd. ("PAG" or "the
Company") (OTCQX: "MXOM") today announced that, at the request of the
Company's Board of Directors and following the annual meeting of shareholders
as detailed in the Company's press release dated June 28, 2013, the Company
has been active in conducting a strategic review of operations and management
to take the Cieneguita Project (the "Project") forward. The new board, led by
Mr. Emilio Alvarez, is conducting a process to build a team to deliver on the
Company's three prime goals:
1. Expand the scope of the resource through infill, step out drilling
and defining grade distribution.
2. Take the Project through development milestones and pilot production
towards laying the groundwork for an attractive development project.
3. Systematically and comprehensively unlock the Project's extensive
geological potential and economic feasibility.
To this end, the new CEO, Mr. Emilio Alvarez commented, "I am very pleased
with the caliber of the team that we have been able to put together. Each
member has experience in natural resources projects and their financing and
the team's track record covers the full spectrum of discovery, resource
growth, evaluation, construction and, of course, economic gold production,
which is precisely the path we are now seeking to follow". He added, "the
results of the Preliminary Economic Assessment for the Project have already
been able to define that we have an extremely attractive asset at Cieneguita
and the pilot production has underlined its economics. We shall give our full
attention to now further de-risking and enhancing the Project's feasibility".
Immediately following the appointment of the new board of directors, the
Company established committees comprised exclusively of independent directors
to take action and responsibility with a view to establishing high corporate
"The current share price, we believe, undervalues the Company", commented Mr.
Alvarez, "Our management team is going to spend some time addressing this
issue, and the Board has already been instructed to conduct an immediate and
comprehensive review of all available options with the objective of increasing
value for our shareholders".
The new board of Pan American Goldfields would like to thank shareholders for
their support and patience, and shall be in communication in due course as to
specific future actions as a result of the strategic review.
About Pan American Goldfields Ltd.
Pan American Goldfields is a precious metals mining and exploration company.
Its focus is the production of gold and silver and the development and
expansion of its Cieneguita mine in Mexico's booming Sierra Madre gold-silver
On behalf of the Board of Directors, Emilio Alvarez, Director
Safe Harbor Disclosure
The information in this press release contains forward-looking statements
regarding future events or the future financial performance of the Company.
Please note that any statements that may be considered forward-looking are
based on projections; that any projections involve judgment, and that
individual judgments may vary. Moreover, these projections are based only on
limited information available to us now, which is subject to change. Although
those projections and the factors influencing them will likely change, we are
under no obligation to inform you if they do. Actual results may differ
substantially from any such forward looking statements as a result of various
factors, many of which are beyond our control, including, among others, the
timing and outcome of our feasibility study on our Cieneguita Project; the
costs and results of our initial production activities on our Cieneguita
Project; the future financial and operating performances of our projects; the
estimation of mineral resources and the realization of mineral reserves, if
any, on our existing and any future projects; the timing of exploration,
development, and production activities and estimated future production, if
any; estimates related to costs of production, capital, operating and
exploration expenditures; requirements for additional capital and our ability
to raise additional capital on a timely basis and on acceptable terms;
government regulation of mining operations, environmental risks, reclamation
and rehabilitation expenses; title disputes or claims against our existing and
any future projects; and the future price of gold, silver, or other minerals.
These and other factors can be found in our filings with the SEC. The Company
undertakes no obligation to release publicly the results of any revision to
these forward-looking statements to reflect events or circumstances following
the date of this release.
SOURCE Pan American Goldfields Ltd.
Email:email@example.com Tel: 604-340-8678
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CO: Pan American Goldfields Ltd.
ST: British Columbia
NI: MNG PCS FIELD 2575 WNEWS
-0- Aug/16/2013 19:42 GMT
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