Magellan Gold Corp. announced it has entered into an agreement giving it the right to acquire the El Dorado Gold-Silver Property, a 50-hectare mining concession located near the village of Las Minitas, which lies 50 kilometers (km) south of Magellan’s SDA Flotation Plant at Acaponeta, Nayarit State. Magellan intends to advance El Dorado toward production as a matter of priority. The company has initiated permitting and is in the process of selecting an underground mining contractor. The project has excellent road and rail infrastructure, and the company plans to truck the ore from El Dorado to the SDA Plant for processing. El Dorado is situated within a district of epithermal vein systems from which historic mining produced high grades.
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