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economic gold mine trommel screen price in san francisco

economic gold mine trommel screen price in san francisco

TORONTO and NEW YORK, March 06, 2020 (GLOBE NEWSWIRE) -- Magna Gold Corp. (TSXV: MGR, OTCQB: MGLQF) (“Magna” or the “Company”) is pleased to announce that it has entered into a definitive purchase agreement (the “Definitive Agreement”) with Timmins GoldCorp Mexico S.A. de C.V. (“Timmins”), a wholly-owned subsidiary of Alio Gold Inc. (“Alio”), to acquire the San Francisco Mine (defined below) located in Sonora, Mexico (the “Acquisition”)

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magna gold corp. announces acquisition of the san

Arturo Bonillas, President and Chief Executive Officer of Magna, stated, “The acquisition of the San Francisco Mine is a pivotal moment in Magna’s evolution to become a growing gold producer in Mexico. Our team has a long history with the operation, and we are confident in our ability to re-establish the San Francisco Mine as a profitable mine. Our focus remains to generate value for our shareholders and this acquisition underpins our ability to do so in the immediate and long-term”

The San Francisco property is situated in the north central portion of the state of Sonora, Mexico, approximately 150 kilometres north of the state capital, Hermosillo. The property consists of 21 contiguous mining concessions totaling an area of 47,395 hectares (the "San Francisco Mine"). The operation is comprised of two previously mined open pits (San Francisco and La Chicharra), together with heap leach processing facilities and associated infrastructure located close to the San Francisco pit

During July 2011, Alio expanded the crushing system to 15,000 tonnes per day (“tpd”). In December 2012, a new additional 5,000 tpd crushing circuit was installed and in August 2013, an expansion was made to the crushing circuit to bring total capacity of the new circuit to 7,000 tpd. Total crushing capacity at the mine is currently 22,000 tpd. The gold recovery operation comprises two adsorption-desorption-recovery (“ADR”) plants with a total of three parallel sets of carbon columns. In the first quarter of 2017, a new stripping circuit and an additional carbon tank was added to the circuit and Alio implemented several operational changes to improve overall gold recovery

magna gold corp. announces acquisition of the san

Since declaration of commercial production in April 2010, the operation has produced over 820,000 ounces of gold and between 2013 and 2017, the mine produced over 100,000 ounces of gold per year on average. In 2020, the mine entered into a period of residual leaching and Alio expects to recover between 12,500 to 15,000 ounces of gold

The Mineral Reserves and Mineral Resources estimates were reported by Alio in its news release dated August 10, 2018, available under Alio's SEDAR profile at Mineral Reserves and Mineral Resources were prepared by Alio in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) under the supervision of a qualified person. The most recent NI 43-101 technical report on the San Francisco Mine was filed by Alio on May 25, 2017, with an effective date of April 1, 2017, and is available under Alio's SEDAR profile at The Mineral Reserves and Mineral Resources noted above are historical estimates and a qualified person has not done sufficient work on behalf of Magna to classify the historical estimate as current Mineral Resources or Mineral Reserves and Magna is not treating the historical estimate as current Mineral Resources or Mineral Reserves. Although Magna is not treating this information as current estimates, it believes Alio's work is reliable and that the information, which was made publicly available by Alio, may be of assistance to investors. The Company intends to review all project data, validate data quality, create a new geological model and then make an updated resource estimate in the upcoming months. As well, the Company will be reviewing metallurgical information and key economic parameters in order to evaluate the potential economics of an open pit gold mine and heap leach extraction facility

Following closing of the Acquisition, Magna intends to execute a mine operational improvement plan that will include a full review and update to (i) the mine design and production plan, (ii) metallurgy and processing, (iii) workforce management, and (iv) local and regional exploration. Based on Magna’s review to date, the Company believes it can re-commence mining operations in the near term with the goal of establishing profitable mining operations

magna gold corp. announces acquisition of the san

Magna will provide additional details with respect to the mine operational improvement plan following the closing of the Acquisition. The mine operational improvement plan will be supported by a preliminary economic assessment, pre-feasibility study or feasibility study

Under the terms of the Definitive Agreement, Magna will acquire 100% of Alio’s indirect wholly-owned subsidiary Molimentales del Noroeste, S.A. de C.V., which owns a 100% interest in the San Francisco Mine and the surrounding mineral concessions, in exchange for:

The Consideration Shares will be subject to a lock-up agreement until the earlier of (i) the date that is 12 months from the closing of the Acquisition and (ii) the date on which Timmins and its affiliates collectively hold less than 9.9% of the Common Shares on an undiluted basis. In the event that Timmins wishes to sell any or all of the Consideration Shares, Magna will have the option to arrange the purchaser of such shares until Timmins and its affiliates collectively hold less than 9.9% of the Common Shares on an undiluted basis

magna gold corp. announces acquisition of the san

Magna expects to conclude an ongoing arbitration process with a prior mining contractor that is related to operations at the San Francisco Mine. Discussions between Magna and the contractor have been meaningfully advanced, and the Company expects to come to a positive resolution in the near term

The Company intends to complete a non-brokered private placement (the "Offering") of up to approximately 17,150,000 Common Shares (the "Offered Shares") at a price of $0.35 per Offered Share for aggregate gross proceeds of up to approximately $6,000,000

In connection with the Offering, certain arm's length parties may receive warrants (the "Finder's Warrants") to purchase that number of Common Shares equal to 5% of the Offered Shares that are sold to subscribers introduced by such parties, with each Finder's Warrant being exercisable for one Common Share at a price of $0.35 per Common Share for a period of three years from the date of the closing of the Offering. The Finder's Warrants are subject to the approval of, and will be issued in accordance with, the rules of the TSX Venture Exchange

magna gold corp. announces acquisition of the san

The securities issued in connection with the Offering will be subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws. The Offering is subject to the receipt of all required regulatory approvals, including the acceptance of the TSX Venture Exchange

The Offered Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons unless the Offered Shares are registered under the Securities Act or pursuant to an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell, nor is it a solicitation of an offer to buy securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful

Magna Gold Corp is a mineral exploration company focused on acquiring, exploring and developing quality precious metals properties in Mexico. 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 on budget and on time

magna gold corp. announces acquisition of the san

The Company’s shares trade on the TSXV under the trading symbol “MGR" and OTCQB under the trading symbol “MGLQF”. Magna takes social license seriously and employ local community members and services in its operations

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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 “plan”. 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, information about the structure and terms of the Acquisition, timing for completion of the Acquisition, the structure and terms of the Offering, the use of proceeds of the Offering, timing and completion of the Offering, timing for receipt of required regulatory approvals, including the acceptance of the TSX Venture Exchange, the ability of the Company to complete the Acquisition on the terms announced, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the inability to satisfy the conditions required to complete the Acquisition, the inability to receive required regulatory approvals, including the acceptance of the TSX Venture Exchange, termination of the Definitive Agreement 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, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, 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 and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, 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

magna gold corp. announces acquisition of the san

inside the snowstorm gold dredge – substreet

All around us were snow-capped peaks… Bald Hill (11,500 feet), Palmer Peak (12,500 feet) and Pennsylvania Mountain (13,000 feet). We were going to do a bit of hiking that day, but not for a 12-er view and bragging rights at REI. A floating gold mill, intact by neglect and preserved by remoteness, waited atop an mostly forgotten placer gold mine, like a sleeping dragon guarding its, well, its gold…

Gold dredges work by sorting through the gravel and rocks under them to find pieces of gold. There are ruins of many of them in Montana and Alaska, both of which I knew about long before I heard of Snowstorm. They all work about the same way

A heavy bucket chain, since scrapped, would scrape the bottom and sides of the dredge pond, slowly making it wider and deeper as it removed whatever gold was in the mix. The material would be dumped into a hopper next to the boat where the sorting process would begin. Gravel, sand, and rocks would slowly be poured into a big rotating steel tube called a trommel, which would start to screen out the larger junk rocks. All of the unwanted material, called tailings, would land on the end of a conveyor belt—the other end of which is at the top of a 150-foot boom. As the dredge moved, it would slowly turn over the side of the mountain, filling in the pond as it moved in the search for gold

inside the snowstorm gold dredge – substreet

Remnants from the trommel had a higher chance of containing gold, so it went on to the sluice rooms, which flanked the rotating tube. The gravel would be floated on a slant over rows and rows of ribbed boards. This is a clever (and very old) way to organize things by mass. Heavier material would sink faster, so bits of rock with greater mass would sink after the first few rows, while the lightest bits might make it across the whole sluice room without sinking. If all went to plan, somewhere after the densest material would be a few small yellow flecks. Pay dirt

When the dredge was position over the part of the placer set for mining, a long ‘foot’ would be lowered through the middle of it into the bottom of the placer, allowing the boat to pivot in place. Its daily capacity was 600 tons of gravel

The Snowstorm was built in pieces between 1939 and 1941 in San Francisco by Bodinson Manufacturing and was assembled at its present location. It was owned and operated by Timberline Dredging which owned another dredge, though the Snowstorm was the bigger of the two by far. In fact, the Snowstorm (or, Dredge #2, as they called it) was the second largest of its type in the world, being 50 feet wide and almost 90 feet long, not including the boom. It was specifically designed to mine and mill the placer gold around where it sits today

inside the snowstorm gold dredge – substreet

Placer gold is embedded in sand and gravel, rather than trapped in other large deposits of hard rock. Accordingly, placer gold is usually mined with water power, as opposed to manual power like in underground mines at the time. The Snowstorm placer was discovered in 1870 and as early as 1902 there was a Snowstorm Hydraulic Company, but it did not provide drinking water, as the name may suggest today. Using seven-inch nozzles, miners used high-pressure sprays to wash away the sides of their mines into ditches and sluices built from wood and railroad ties. You can think of it as “mining by mudslide”, only it was slow, controlled, and even profitable sometimes. Much of the gold mined in those early days was sold directly to the United States Mint in Denver, after being concentrated of course

By the time the dredge was built above the placer, almost all of the surrounding mines had closed. Because the work relied totally on the power of flowing water, operations in the mountains could only hope to begin in May and run through September

The outbreak of World War II shuttered almost all gold mining operations nationwide, as it was seen as a waste of effort and materials that could be going toward the war. Dredging at the placer stopped then after only operating for 16 months, and it did not restart until 1975 when it was used as a stationary gold mill. It operated one year more before shutting down for good. Snowstorm is certainly one of the most intact gold dredges in the country, so why is it abandoned, and not a museum?

inside the snowstorm gold dredge – substreet

Preservation seemed certain until the present owners raised the price from $65,000 to $2 million, killing a 5-year effort to move the vessel into an interpretive area near South Park (yes the ‘real’ South Park, Colorado) or next to the nearby highway. Unless something dramatically changes, the dredge has no future. I hope my unorthodox virtual tour helps to bring more awareness to this special piece of history

Mother Nature refused to give up her gold in the San Juans to the men of Treasure Mountain without a fight. Now, after a century of hard rock mining in its steep gulches, she cannot let go of the long abandoned mines or its ghost towns