Metro Gold Mines Mineral Resources Inc. Sees Major Breakthrough in Colombian Gold Mining

Strategic Insights -

Metro Gold Mines Mineral Resources Inc. (OTC: MGMX) has made a significant acquisition in the Colombian gold mining industry, grabbing the attention of investors and day traders. The company has completed the purchase of the La Esperanza gold mine, located in the richest and most gold-bearing municipality in Colombia, Segovia. This acquisition marks a major breakthrough for the company, with proven multi-million ounce deposits of rich gold under Colombian soil.

Key Takeaways:

  • Metro Gold Mines Mineral Resources Inc. (OTC: MGMX) has completed the acquisition of the La Esperanza gold mine in Colombia, a move that is expected to significantly improve the company's bottom line and increase shareholder value.
  • La Esperanza is located in the richest and most gold-bearing municipality in Colombia, Segovia, with proven multi-million ounce deposits of rich gold.
  • Colombia is the highest-yielding nation in South America, having produced more than 125 million ounces of gold, but it remains under-explored and under-developed.
  • The company is working to modernize operations and maximize profitability of La Esperanza mine, with the goal of achieving full production capacity.
  • Metro Gold Mines Mineral Resources holds the exclusive rights to develop and produce the La Esperanza mine, with no plans to partner or transfer ownership.
  • The company's shares are traded on the OTC Pink Sheets under the symbol MGMX.
  • Metro Gold Mines Mineral Resources is a growing, expertly managed gold mining company focused on acquiring and producing an impressive portfolio of exploration and production properties in South and Central America.

Statistics:

  • Colombia has produced more than 125 million ounces of gold.
  • The majority of local miners in Colombia have not had the resources or technology to sustain maximum production.
  • The La Esperanza gold mine is located in the richest gold zone in Colombia, where around 60-80% of the nation's gold is produced.
  • Metro Gold Mines Mineral Resources' shares closed at around 6 cents a share yesterday.
  • Gold was trading at $666 an ounce, up by $5.90.
  • Oil traded at $74.10 per barrel, up 40 cents.
  • The dollar weakened against the euro.

Sources:

  • Market Wire via COMTEX
  • Wall Street News Alert
  • Wall Street Capital Funding LLC (WSCF)
  • Equity Alliance International LLC
  • Comtex News Network, Inc.