VANCOUVER, BRITISH COLUMBIA, March 19, 2020 – Andrew Bowering, CEO of Prime Mining Corp. (TSX.V:PRYM) (OTCQB: PRMNF) (Frankfurt:A2PRDW) (“Prime” or the “Company”), in response to volatility in capital markets provides the following update on current operations and plans of the Company.
Prime has taken actions to minimize the risks of the Covid-19 virus, both to employees and people interacting with the Company’s programs and activities. Although there are no known or suspected cases of the virus reported at any of the Company’s workplaces in Canada, USA or Mexico, Prime is following government health protocols and is closely monitoring its activities.
Executive Chairman Daniel Kunz comments, “Prime Mining is providing this update on the impact of unprecedented global events on Prime’s operations and business opportunities. Human health and safety comes first in our world of mineral exploration and mining. Now we extend that concern to our homes, members of our communities and people around the globe. My fellow directors and management of Prime join me in extending our sincere wishes that you, your families and communities stay safe and healthy”.
Prime Mining is continuing to advance the Los Reyes Gold/Silver Project as follows:
- A new NI 43-101 compliant mineral resource estimate for the Los Reyes Gold/Silver project, by Stantec Engineering, is on track to be released the last week of March;
- Ongoing work continues with the surface and underground sampling program;
- Permitting for new road construction, proposed drilling and other related exploration; and,
- Engineering and planning for a proposed 15,000 metre drilling and trenching program.
In early March, Prime’s permitting consultants made application to the Secretariat for the Environment and Natural Resources (“SEMARNAT”) to ready the Company to build new access roads and open up areas of Los Reyes for a planned drilling and trenching program. Prime Mining is currently funded to maintain its current surface program and other operations for several months.
The Los Reyes Gold-Silver Project is an overlooked, underexplored epithermal gold-silver project in a prolific mining region of Mexico. Over $20 million in exploration and engineering has already been spent on the project over 2 1/2 decades. Previous operators completed various prefeasibility studies and plans yet held back from development due to declining gold prices. Work that has been completed has provided sufficient understanding of existing resources to allow Los Reyes to be fast-tracked to production. However, Los Reyes holds gold and silver exploration optionality. It is a large epithermal system with the bulk of work being conducted over less than 40% of the known structures leaving significant opportunity to expand known resources.
Bruce Kienlen, P.Geo. Vice President of Exploration, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical content in this news release.
About Prime Mining Corp (TSX.V: PRYM) (OTCQB: PRMNF)
Prime Mining is an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators who have united to build a low cost, near-term gold producer at the historically productive Los Reyes project in Mexico. The location boasts a mining history spanning hundreds of years of activity alongside a stable and established regional mining infrastructure. Decades of extensive fieldwork and technical study have positioned Los Reyes to advance to gold production quickly and cost effectively.
In addition to its readiness for near-term gold production, Los Reyes holds substantial resource upside based on open extensions of known resources, 10 kilometres of undrilled strike length and at least 8 additional exploration targets.
Prime Mining has a well-planned capital structure with significant team and insider ownership. For more information please visit www.primeminingcorp.ca and follow us on Twitter, Facebook or LinkedIn.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew Bowering
Chief Executive Officer
For further information, please contact:
Anthony Patterson
Investor Relations
Prime Mining Corp.
1507 – 1030 West Georgia Street
Vancouver, BC, V6E 2Y3
Telephone: (604) 428-6128
Facsimile: (604) 428-6430
E: info@primeminingcorp.ca
Scott Koyich
President and CEO
Brisco Capital Partners Corp.
#400 – 505 8th Avenue S.W.
Calgary, AB, T2P 1G2
Telephone: (403) 262-9888
Facsimile: (403) 263-1339
E: skoyich@briscocapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. There is no assurance the transactions noted above will be completed on the terms as contemplated, or at all. The Company’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.