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Magna Gold Corp. has fulfilled a $5 million payment to Argonaut Gold Inc. for the San Francisco Mine acquisition, as outlined in their share purchase agreement. This payment follows a prior agreement and includes a promissory note for an additional $2.675 million due in four installments starting July 6, 2021, with a 5% annual interest rate. CEO Arturo Bonillas expressed optimism for production stability at the mine and enhanced cash flow for the company. Magna aims to strengthen its financial position through this acquisition.
Magna Gold Corp. (OTCQB: MGLQF) has reported significant operational progress at the San Francisco mine for Q1 2021, with gold production rising to 9,785 ounces, marking a 31% increase from Q4 2020. The company anticipates a return to full commercial production by June 2021, targeting over 6,000 ounces per month in H2 2021. The Q1 operational highlights include a 76% increase in silver production and improved ore grades. Magna remains on track to achieve its 2021 production guidance of 55,000 to 65,000 ounces of gold, demonstrating solid growth and cash flow potential.
Magna Gold Corp. announced strong financial results for the nine months ending December 31, 2020, achieving metal revenues of $37.0 million with gold sales of 20,235 ounces. The company's cash flow from operations saw a significant turnaround, with $9.4 million compared to a loss of $1.6 million the previous year. They project gold production between 55,000 to 65,000 ounces in 2021 and have appointed Miguel Bonilla as COO. Magna emphasizes safety and community well-being while exploring further opportunities in Mexico.
Magna Gold Corp. has initiated exploration on its fully owned Margarita Silver Project in Chihuahua, Mexico, with a detailed drilling program planned for 2021. The company aims to analyze previously acquired drill core from 35 holes to assess silver mineral potential. The exploration includes re-logging and re-sampling to understand vein extensions better. Additionally, Magna is advancing work at its La Pima and Los Muertos properties, with planned drilling programs set to start in Q3 2021. CEO Arturo Bonillas highlights the strong portfolio of silver projects and anticipates positive results from these endeavors.