Aug 19 2013
Pan American Goldfields Ltd. ("PAG" or "the Company") 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:
- Expand the scope of the resource through infill, step out drilling and defining grade distribution.
- Take the Project through development milestones and pilot production towards laying the groundwork for an attractive development project.
- 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