Key Developments: Pan American Goldfields Ltd (MXOM.PK)
0.19USD
23 May 2013
$0.00 (+0.54%)
$0.19
$0.19
$0.19
$0.17
96,992
193,612
$0.23
$0.06
Latest Key Developments (Source: Significant Developments)
Miguel Di Nanno Steps Down As President Of Pan American Goldfields Ltd
Pan American Goldfields Ltd announced that to ensure the continued improvement in financial position, the Company has decided not to continue activities in Argentina and in relation to this Miguel Di Nanno has stepped down as President. Full Article
Pan American Goldfields Ltd Announces Completion Of Definitive Agreement For Restructure Of Cieneguita Joint Venture
Pan American Goldfields Ltd announced that it has executed the definitive agreement with Minero Rio Tinto (MRT), a private Mexican company, for the restructure of its Cieneguita joint venture, as well as another increase in gold and silver production at the Cieneguita project. Under the restructured joint venture agreement the Company receives 20% of the net operating profits after royalties for material processed through a small-scale pilot operation and mined from the first 15 meters depth of the Cieneguita deposit until December 31, 2012. For all other material processed from the property, the Company's interest is 80% and MRT is reduced to a 20% working interest, subject to certain dilution provisions. Full Article
Pan American Goldfields Ltd Announces Acquisition Of Control Of The Cieneguita Silver & Gold Project; Board Change
Pan American Goldfields Ltd announced that further to its press release of May 3, 2011, the Company, has entered into a binding letter agreement (Letter Agreement) with Minera Rio Tinto, S.A. de C.V., (MRT) and Marje Minerals S.A., entities organized under the laws of the United Mexican States (MM), to increase its interest from 40% to 80% in the Cieneguita project located in Chihuahua State, Mexico. MRT will retain a 20% participating interest, subject to dilution under a definitive joint venture agreement to be finalized between the parties. Under the Letter Agreement, the Company shall direct the preparation of the feasibility study evaluating the future development of the Cieneguita project. The Letter Agreement provides that the parties will use their best efforts to negotiate, finalize and execute definitive agreements, which will amend and restate the existing agreements between the parties related to the Cieneguita project. The definitive agreements are expected to be completed in 60 days. The Letter Agreement is binding on the parties. Pending completion of the definitive agreements, the Company has the right to immediately commence preliminary work and analyses on the Cieneguita project and propose preliminary work plans and budgets for the joint venture. The Company also announced that on June 28, 2011, the Company's Board of Directors elected Neil Maedel as Chairman of the Board. Full Article
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