VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/30/13 -- Pan American Goldfields Ltd. ("Pan American" or the "Company") (OTCQX: MXOM) today announces that it has introduced several initiatives to reduce costs and rationalise its corporate administration organization and cost structure. This strategic business decision is part of the mandate to lower operating costs due to the current mining environment. Outsourcing company finance, company secretarial services and corporate compliance functions will result in an annualized net reduction in costs. Commenting on these initiatives Mr. Emilio Alvarez, CEO stated, "This process of rationalising our cost structure is simply one component of a broader range of overall tightening in our finances which we have been implementing since the new Board appointments at the Annual General Meeting on June 17, 2013.
Effective September 20, 2012, Daniel Crandall was appointed as Pan American's Chief Financial Officer, replacing Salil Dhaumya who has resigned from the position and that of Corporate Secretary. Mr. Crandall is a Manager at Marrelli Support Services Inc., part of the Marrelli Group of Companies. He is a Canadian Chartered Professional Accountant and currently holds the positions of Chief Financial Officer with several mineral companies trading on the TSX Venture and CNSX stock exchange. In addition, DSA Corporate Services Inc., also part of the Marrelli Group of Companies has been appointed as provider of all Corporate Secretary services.
With these appointments, the Board have brought together the strengths of DSA Corporate Services Inc. ("DSA"), a leader in delivering corporate secretarial services, and Marrelli Support Services Inc. ("MSSI"), a well-respected leader in financial accounting and reporting services.
Commenting on the selection of Mr. Crandall and MSSI and DSA, Mr. Alvarez stated "Pan American is fortunate to be able to engage Dan and his team at Marrelli Support Services. His organization is well versed in the resource sector and we look forward to working with them."
The Board of Directors would like to thank Salil Dhaumya for his contribution to the Company over the years and continued success with his private practice.
About Pan American Goldfields Ltd.
Pan American Goldfields is a precious metals mining and exploration company. Its focus is the production of gold and silver and the development and expansion of its Cieneguita mine in Mexico's booming Sierra Madre gold-silver belt.
On behalf of the Board of Directors,
Emilio Alvarez, Director
Safe Harbor Disclosure
The information in this press release contains forward-looking statements regarding future events or the future financial performance of the Company. Please note that any statements that may be considered forward-looking are based on projections; that any projections involve judgment, and that individual judgments may vary. Moreover, these projections are based only on limited information available to us now, which is subject to change. Although those projections and the factors influencing them will likely change, we are under no obligation to inform you if they do. Actual results may differ substantially from any such forward looking statements as a result of various factors, many of which are beyond our control, including, among others, the timing and outcome of our feasibility study on our Cieneguita Project; the costs and results of our initial production activities on our Cieneguita Project; the future financial and operating performances of our projects; the estimation of mineral resources and the realization of mineral reserves, if any, on our existing and any future projects; the timing of exploration, development, and production activities and estimated future production, if any; estimates related to costs of production, capital, operating and exploration expenditures; requirements for additional capital and our ability to raise additional capital on a timely basis and on acceptable terms; government regulation of mining operations, environmental risks, reclamation and rehabilitation expenses; title disputes or claims against our existing and any future projects; and the future price of gold, silver, or other minerals. These and other factors can be found in our filings with the SEC. The Company undertakes no obligation to release publicly the results of any revision to these forward-looking statements to reflect events or circumstances following the date of this release.
Pan American Goldfields Ltd.