"The acquisition of a majority interest and control of the development of Cieneguita project is a turning point for Pan American Goldfields, as it puts our technical and management team firmly in the driver's seat to initiate and accelerate the development of what we consider to be a very exciting project. In 2009, our original decision to make a significant investment in Pan American's predecessor, Mexoro Minerals, occurred after an extensive evaluation of the Cieneguita resource. Events since then, while frustrating, have not diminished our view of the potential of the Cieneguita project, and we are pleased to double our interest in, and take control of, the Cieneguita project and move it forward with our own technical and management team.Now that the Letter Agreement has been executed, our first goal will be to initiate and complete a scoping study for Cieneguita, the first step towards the completion of a feasibility study. The scoping study should take approximately six months to complete and from there we will initiate a pre-feasibility or full feasibility study for what we expect to be a fairly straightforward mining development. I speak for the entire Pan American team when I say how excited we are to get started and, as a consequence, immediately start the process of building value for the company and its shareholders.
Pan American Goldfields Ltd Announces Acquisition Of Control Of The Cieneguita Silver & Gold Project
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