CARSON CITY, Nev., Sept. 24, 2012 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG) is a company engaged in the evaluation, acquisition, exploration, development and production of mining properties and conducts salvage operations for the recovery of precious metals.
Mexus Gold US entered into an Agreement to Terminate and Release with Powercom Services, Inc. A prior agreement, The Project Management Agreement, dated July 8, 2010, was terminated on September 18, 2012. The parties recognized that the terms and conditions of the Project Management Agreement no longer addressed the goals and future of the cable pulling project in a manner that would mutually benefit either party to continue. As compensation for the termination and release, Mexus Gold US agreed to issue to Powercom Services, Inc. 1,000,000 restricted shares of the Company's common stock in exchange for Powercom's release and indemnification. This transaction released Mexus Gold US from its obligation for advances in the amount of $800,000 from Powercom Services, Inc.
Paul Thompson, President, stated "With the completion of the Agreement to Terminate and Release we now have liquidated the $800,000 payable from the Balance Sheet. In addition, this transaction will allow us more flexibility in our evaluation process of the various options open to us for our projects in Mexico and the cable exploration activities."
About Mexus Gold US
Mexus Gold US (OTCQB:MXSG) is a company engaged in the mining industry for the purpose of producing precious metals, including gold, silver and copper, from its projects located in the state of Sonora, Mexico and in the states of Nevada and Alaska. Mexus Gold US is dedicated to protecting the environment, providing employment and education opportunities for the communities where they operate. For further information or to see the full report, visit www.mexusgoldus.com.
The Mexus Gold US logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7718
Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
CONTACT: Mexus Gold US Paul Thompson CEO/President (775) 721-9960 or (916) 776-1822 Mexusgoldus@aol.com