VANCOUVER, British Columbia, August 30, 2021 (GLOBE NEWSWIRE) – Prime Mining Corp. (“Prime” or the “Company”) (TSX-V: PRYM, OTCQB: PRMNF, Frankfurt: 04V3) is pleased to announce that 19,040,256 common share purchase warrants, with an exercise price of CA $ 0.50 issued on August 28, 2019 , have now been fully exercised prior to their August 28 date. , due 2021, resulting in 112,059,038 ordinary shares issued and outstanding in the Company. The fiscal year generated gross proceeds of C $ 9.52 million, which puts the Company’s cash position today in excess of C $ 31.9 million.
Of the 15,000 meter (âmâ) Phase 1 diamond drill program in Los Reyes completed in June 2021, 29 undeclared holes are expected to be released over the next few weeks. Since the completion of Phase 1, Prime has continued to operate 2 drills and completed an additional 4,537 meters as part of an extended Phase 1 program. In anticipation of an active drilling campaign in the fall, Prime hired a third contractor, Maza Diamond Drilling, SA DE CV of MazatlÃ¡n, Sinaloa, Mexico, to add additional drilling. Three rigs will continue to drill until the start of phase 2 around November.
Senior CEO Daniel Kunz comments, âAs we continue to drive shareholder value, the exercise of these warrants strengthens our cash position for ongoing exploration in Los Reyes. We are actively planning new drilling locations for Phase 2 and have added a third drilling contractor who is starting drilling now for the much larger program.
Los Reyes Gold and Silver Project
Los Reyes is a district-scale low sulphidation epithermal gold-silver project located in a prolific mining region of Mexico. Over $ 20 million in exploration, engineering and pre-feasibility studies have been spent on the project over 2.5 decades by previous operators with development plans delayed due to falling gold prices . Historical data associated with an existing and recently updated resource estimate provided sufficient insight to accelerate the project to production. However, there is a substantial increase in resources based on open extensions of known deposits, multiple untested high priority exploration targets and only 40% of known structures systematically explored, leaving 10 kilometers of untested longitudinal length. The resource’s potential for significant growth remains strong.
Current oxide mineral resources measured and reported in the April 2020 technical report pit include 19.8 million tonnes (“mt”) containing 633,000 ounces of gold at 1.0 gpt and 16,604,000 ounces of silver at 26.2 gpt plus an additional 7.1 mt Inferred containing 179,000 ounces of gold at 0.78 gpt and 6,831,000 ounces of silver at 30 gpt.
About Prime Mining
Prime Mining, a member of TSX Venture 50, is an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators who have come together to undertake exploration drilling to expand the known resource. in gold and silver from the historically productive Los Reyes project. in Mexico. Prime Mining has a well-planned capital structure with a large team and insider ownership.
The TSX Venture 50 is a ranking of the top performers in each of the 5 industry sectors on the TSX Venture Exchange over the past year.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
For more information, please contact:
Chairman and CEO and Director
Prime Mining Corp.
1307 S. Colorado Ave.
Boise, Idaho 83706
Phone: 1-208-926-6379 office
Executive Vice President and Director
Prime Mining Corp.
1507 – 1030 West Georgia Street
Vancouver, BC, V6E 2Y3
Telephone: (604) 428-6128
Fax: (604) 428-6430
Neither the 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.
The information contained in this document may include forward-looking statements. While these statements reflect the current plans, projections and intentions of management, 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 this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and, as such, one should not place undue reliance on these forward-looking statements. There can be no assurance that the above transactions will be completed on the contemplated terms, if at all. The actual results, programs, activities and financial condition of the Company could differ materially from those expressed or implied by these forward-looking statements.