Firma Acquires Remaining Interest In Fully Permitted IDS Smelter
HENDERSON, NV--(Marketwired - February 13, 2017) - Firma Holdings Corp. (OTC PINK: FRMA), through its subsidiary Gracepoint Mining Corp, is pleased to announce, regarding its Durango Smelter Project, which is joint ventured with MX Gold Corp. (TSX VENTURE: MXL) (FRANKFURT: ODV) (OTCQX: MXLGF), the company has now completed the purchase of a 100% interest in INVERSIONES DURANGO SAN LUIS, S.A. C.V., which is located in Durango, Durango, Mexico.
The acquisition includes a fully permitted smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day (TPD). The smelter was built to receive and process high-grade direct ship ores and concentrates from small-scale miners across the state of Durango and beyond. The concept was birthed by the vision of Rosa Isela De La Rocha, a state Senator for Durango. Using a central location to safely and more efficiently process daily production, the community of local miners could enhance economics and quality of life. By eliminating the need for each miner to process, or otherwise dispose of, their individual ore production, the miners are able to spend more time producing and also receive a higher return from their production.
Mrs. Rosa Isela De La Rocha, Durango State Senator, stated; "It is my passion and my continued desire to complete the work I began in 2010, that was designed to help the mining community of Durango. I am very pleased to have found a community friendly company that understands my vision and is willing to help bring this project to a completion."
Mr. Francis Biscan Jr., President of Firma Holdings Corp., stated, "We are very fortunate to have secured a project that can provide a significant source of near term revenue for our company and simultaneously help the small scale mining community of Durango."
During Gracepoint's pre-purchase due diligence time, it has been confirmed that sufficient high-grade ore supply could be secured in adequate quantities to meet and substantially exceed the current throughput capacity of the smelter.
Furthermore, a project plan has been developed and work has begun on several fronts: contact has been made with several mining groups to evaluate the supply potential from each group, including estimated average grades of what they have been producing, and purchase parameters; an analysis of the permitted flow sheet by a reputable metallurgist that has significant experience with smelter recoveries, will be commissioned to confirm the previous expectations or recommend any modifications to enhance economics.
Additionally, at the plant site, various efforts have been initiated, including; recalibrating the truck scale, rebuilding the metallurgical lab; setting up the crushing circuit; overall cleanup of the site; and the hiring of critical personnel. Gracepoint believes the mining sector is looking for low cost production over exploration alone. As with Magistral, the ability for a project to be in production within a relatively short time frame due to an existing permit is paramount to the projects merits. Cash flow will enable us to non-dilutively advance our other significant, undeveloped projects, such as our 7,000-hectare Picacho project, and/or re-commission the existing floatation plant at our 10,000-hectare Don Roman project.
About Firma Holdings Corp. (http://www.FirmaHoldings.com)
Firma currently holds active subsidiaries in mining and technology.
GRACEPOINT MINING CORP: Firma Holdings currently owns four mining projects that encompass over 48,000 acres in Mexico. The owned Don Roman district has 70+ distinct structures identified within 8 km diameter of a 100% owned centralized processing mill. The 100% owned Picacho group has 9 gold-bearing veins over 4 mineralized target areas with an aggregate vein strike length of over 10.8 km. The Durango Smelter Project. The Magistral project includes the exclusive rights to process approximately 1.2 million tonnes of mineralized mill tailings, grading an average of 2.06 gold per tonne (79,000 ounces of gold), and is in close proximity to the 100% owned 500 TPD Dynamic Cyanide counter current system plant.
Contact
Contact:
David Barefoot
(888) 901-4550
David@FirmaHoldings.com
