TORONTO, June 30,
2022 /CNW/ - Magna Gold Corp. (TSXV: MGR) (OTCQB:
MGLQF) ("Magna" or the "Company") is pleased to
announce the results from its annual meeting of shareholders held
on June 23, 2022.
Detailed results of the meeting are set out
below:
Total shares
voted:
|
38,262,960
|
|
|
Total shares issued and
outstanding:
|
91,760,960
|
|
|
Total percentage of
share voted:
|
41.7 %
|
The nominees listed in the management proxy circular dated
May 23, 2022 were elected as
directors of Magna at the meeting as follows:
Director
|
Votes in
Favour
|
%
|
Votes
Withheld
|
%
|
Arturo
Bonillas
|
38,233,560
|
99.92
|
29,400
|
0.08
|
Colin
Sutherland
|
35,396,560
|
92.51
|
2,866,400
|
7.49
|
Miguel
Bonilla
|
35,398,560
|
92.51
|
2,864,400
|
7.49
|
Alexander
Tsakumis
|
38,221,560
|
99.89
|
41,400
|
0.11
|
Laura Diaz
|
35,695,560
|
93.29
|
2,567,400
|
6.71
|
Parviz
Farsangi
|
38,233,560
|
99.92
|
29,400
|
0.08
|
Additionally, the following resolutions were passed:
- Appointment and Remuneration of Auditor Baker Tilly WM LLP;
and
- Approval of the Stock Option Plan.
Arturo Bonillas, President and
CEO of Magna provided the following corporate update to the
shareholders in attendance:
"I would like to take this opportunity, on behalf of myself and
our board of directors to thank all of our shareholders, those that
have taken the time to attend and those that could not make it
today. It is thanks to your unwavering support that we were able to
achieve so much in such a short period of time. Additionally, its
important to mention all of our contractors, suppliers and
community partners. Thanks to all of your hard work and dedication
we were able to get to where we are today.
2021 was an eventful and transformative year for Magna. When we
started this company we were an exploration company with producer
ambitions. In this past year we managed to achieve that goal. We
completed the acquisition of our flagship San Francisco mine and managed to bring it
back into steady state commercial production on schedule. As I am
speaking to you today it is with great pride that I say we have
maintained steady rates of operations for four quarters and we
continue to see improvements each and every day. It is our
objective to bring the San
Francisco mine back to its most productive days and beyond
as we venture forward.
Delivering on our promises and building value has always been
our focus and to date I feel our team has done that. We set a goal
to be in commercial production by Q3 2021 and we achieved that. We
set a goal to deliver a maiden resource on our Margarita silver
project by the end of Q1 2022 and that too was achieved. Our stated
objective is to create Mexico's
next mid-tier producer in the next couple years. We are well
on our way and I am confident the team will deliver.
The last year presented many global challenges due to the COVID
19 pandemic and thanks to our commitment to sector leading
protocols, the mine managed to stay operational without any COVID
19 related work stoppages or disruptions; the same is true for our
corporate offices.
Changing tones for a moment I would be remiss to not mention the
accident we had earlier this year. Up until the incident, the
San Francisco mine had an
unblemished safety record with over five million man hours without
health and safety related stoppages. We unfortunately lost three
incredibly valuable team members, whose contributions to our
success did not go unnoticed. More so than colleagues we at Magna
are family first and we are deeply saddened by the loss. As we move
forward, they will never be forgotten and we have implemented
additional training to ensure an accident like this never happens
again.
Before I close off there was a final element I would like to
briefly touch on: our stock performance. I understand our current
share price does not adequately or at all reflect our achievements
and given the nature of current market conditions the sector has
fallen out of favour. That being said it is only for so long that
our accomplishments can go unrewarded. We are a gold producer, that
producer status is what many strive to achieve and we have done
that. We look to generate significant cash flow in the near future
and continue to grow both organically and through M&A. I am
excited about the future of Magna and I am confident our value will
be reflected in our share price."
About Magna Gold Corp.
Magna is a Mexico focused
gold/silver production company engaged in acquiring, exploring,
developing and operating quality precious metals properties in
Mexico. It is committed to
advancing its 100% owned flagship San Francisco Mine, the Margarita
Project and other highly prospective mineral properties located in
Sonora and in Chihuahua. The
primary strength of the Company is the team of highly experienced
mining professionals with a proven track record of developing
properties in Mexico from
discovery to production. Magna employs community members and
services in its operations.
ON BEHALF OF THE BOARD OF DIRECTORS
Arturo Bonillas
President and CEO
For further information, please visit the Company's SEDAR
profile at www.sedar.com or the Company's corporate website at
www.magnagoldcorp.com or contact us at telephone +52 (662) 310
0326, email info@magnagoldcorp.com.
Cautionary Statements
This news release includes certain "forward-looking statements"
which are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or
result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will" or "plans". Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no
assurance that actual results will meet management's expectations.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, the Company's objectives, goals or future plans,
exploration and mine development plans, production and operations
rates and objectives (including gold production expectations and
guidance), processing and mining expectations (including statements
regarding expansion and advancement of assets) and stock
performance expectations. Factors that could cause actual results
to differ materially from such forward-looking information include,
but are not limited to failure to identify mineral resources,
failure to convert estimated mineral resources to reserves, the
inability to complete a feasibility study which recommends a
production decision, the preliminary nature of metallurgical test
results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political
risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects, capital, operating
and reclamation costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry, risks related to the effects of COVID-19 on the Company,
and those risks set out in the Company's public documents filed on
SEDAR. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Magna Gold Corp.