• Magna Gold (TSXV:MGR) has revealed its May production results at the San Francisco mine in Mexico 
  • Magna produced 2,349 gold ounces for the month, resulting in approximately C$5.7 million in sales and approximately $3.8 million in operating profit
  • The company is also completing s new optimisation and re-engineering work at the site, including an updated mine plan and a new resource estimate
  • Consequently, the company should have an updated technical report completed by the end of July of this year
  • Magna Gold Corp (MGR) is up 2.1 per cent and is trading at 94 cents per share 

Magna Gold (TSXV:MGR) has revealed its May production results for the San Francisco mine in Mexico.

The mine’s May operations produced 2,349 ounces of gold at an approximate operating margin of C$1,525 per ounce. This generated approximately C$5.7 million in sales for the month and approximately $3.8 million in operating profit.

The company’s average realised gold price for the month was approximately $2,350 per ounce.

Magna is also getting stuck into optimisation and re-engineering work on San Francisco, aiming to complete a pre-feasibility study to re-evaluate the mineral resource on the site.

The company is completing the study’s initial drilling program, along with a host of optimisation studies aiming to increase reserves, extend mine life and optimise the mining plan.

The company should have its updated technical report completed by the end of July, alongside an updated operating plan for the San Francisco mine, due at roughly the same time.

CEO and President of Magna Gold, Arturo Bonillas said the company would continue to aggressively advance the work to optimise operations at the San Francisco mine.

“We continue to be excited about the prospects at San Francisco and look forward to providing our shareholders and the market with an initial view of the mine’s potential in the near-term.

“We remain highly focused on solidifying San Francisco as a profitable long-life mine and I extend my sincere gratitude to my team for their dedication and focus.

“With San Francisco, we will be better positioned to extract value from our entire portfolio and generate additional long-term value for our shareholders,” he said. 

Magna Gold Corp (MGR) is up 2.1 per cent and is trading at 94 cents per share at 11:30 pm EDT. 

More From The Market Online

Eric Sprott reduces exposure to TRU Precious Metals

Billionaire investor Eric Sprott allows 9 million warrants for shares of TRU Precious Metals (TSXV:TRU) to expire unexercised. 

Canadian uranium miner to commence Nunavut property exploration

Lexston Mining Corp. (CSE:LEXT) is about to begin its inaugural 2024 geological exploration program on its Itza uranium property in Nunavut.

How this junior is unlocking unprecedented potential in Alaska 

Freegold Ventures (TSX:FVL) is well-positioned to be a leader in the state of Alaska's gold mining sector and investors are paying attention.

Copper is a buyers’ market; here’s a company that doubled its property

Coast Copper Corp. (TSXV:COCO) doubles the size of its Sully property to 108.52 square km by staking and arms-length purchase agreements.