VANCOUVER, June 12, 2013 /PRNewswire/ – Pan American Goldfields Ltd. (OTCQX: MXOM) (the “Company”) is pleased to announce the results of a Preliminary Economic Assessment (“PEA”) on its 80% owned Cieneguita gold-silver project located in Chihuahua State, Mexico. The PEA was prepared by M3 Engineering and Technology Corporation (“M3”) and utilizes a resource model developed by Independent Mining Consultants, Inc. (“IMC”), both based in Tucson Arizona. The PEA confirms that the Cieneguita project represents an exceptional opportunity to develop a highly economic, relatively low-cost mine in the prolific Sierra Madre gold and silver belt in Mexico. The complete PEA will be filed at SEDAR within 45 days. All costs are in US Dollars.
Both M3 and IMC have recent extensive and relevant experience in developing capital and operating costs on similar size projects in Mexico. In particular, M3 has been responsible for the design, engineering and construction of the Penasquito, Alamo Dorado, Mercedes and San Jose operations in Mexico, and is currently in advanced engineering or construction on the Morelos project and several Grupo Mexico owned projects in Mexico and the Escobal project in Guatemala.
Mr. Gary Parkison, CPG, Director of Pan American Goldfields Ltd., is the qualified person who supervised the preparation of the technical information in this release. Mr. Alberto Bennett, PE, Vice President of M3, and Mike Hester, FAusIMM, Vice President of IMC, have also reviewed and approved the data contained in this release.