VANCOUVER, Aug. 16, 2013 /PRNewswire/ - 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 governance standards.
"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 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.
SOURCE Pan American Goldfields Ltd.