Reno, Nevada – Magellan Gold Corporation (OTCQB: MAGE) (“Magellan”or “the Company), announced today the redirecting its focus toward domestic United States precious metal opportunities as the best path forward to maximize shareholder value.
As part of the new direction, effective May 31, 2020, David E. Drips has resigned as Chief Executive Officer, President, and Director of the Company. Going forward, Mr. Drips will continue to be an integral part of our technical advisory board.
“We appreciate David’s efforts and his service to the company,” said John Power, a director of Magellan Gold Corp. “David did a tremendous job of right-sizing our operations in Mexico and we look forward to our continued relationship with him as a key technical advisor.”
As previously disclosed in our recent filings with the Securities and Exchange Commission, the company has divested all of its Mexico operations through the sale of its subsidiary Magellan Acquisition Corp.
“COVID-19 presented significant challenges in our efforts to manage and advance the company’s Mexico assets and we quickly made the strategic decision to exit Mexico and focus on opportunities in the United States,” Power said. “We already have an excellent advanced stage exploration project in the Silver District in Arizona and we look forward to adding at least one new domestic project this year.”