Pan American Goldfields Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/30/13 -- Pan
American Goldfields Ltd. ("Pan American" or the "Company")
(OTCQX:MXOM) today announces that it has introduced several
initiatives to reduce costs and rationalise its corporate
administration organization and cost structure. This strategic
business decision is part of the mandate to lower operating costs due
to the current mining environment. Outsourcing company finance,
company secretarial services and corporate compliance functions will
result in an annualized net reduction in costs. Commenting on these
initiatives Mr. Emilio Alvarez, CEO stated, "This process of
rationalising our cost structure is simply one component of a broader
range of overall tightening in our finances which we have been
implementing since the new Board appointments at the Annual General
Meeting on June 17, 2013.
Effective September 20, 2012, Daniel Crandall was appointed as Pan
American's Chief Financial Officer, replacing Salil Dhaumya who has
resigned from the position and that of Corporate Secretary. Mr.
Crandall is a Manager at Marrelli Support Services Inc., part of the
Marrelli Group of Companies. He is a Canadian Chartered Professional
Accountant and currently holds the positions of Chief Financial
Officer with several mineral companies trading on the TSX Venture and
CNSX stock exchange. In addition, DSA Corporate Services Inc., also
part of the Marrelli Group of Companies has been appointed as
provider of all Corporate Secretary services.
With these appointments, the Board have brought together the
strengths of DSA Corporate Services Inc. ("DSA"), a leader in
delivering corporate secretarial services, and Marrelli Support
Services Inc. ("MSSI"), a well-respected leader in financial
accounting and reporting services.
Commenting on the selection of Mr. Crandall and MSSI and DSA, Mr.
Alvarez stated "Pan American is fortunate to be able to engage Dan
and his team at Marrelli Support Services. His organization is well
versed in the resource sector and we look forward to working with
The Board of Directors would like to thank Salil Dhaumya for his
contribution to the Company over the years and continued success with
his private practice.
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 belt.
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.
Pan American Goldfields Ltd.
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