VANCOUVER, British Columbia, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime”, or the “Company”) (TSV: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) is pleased to announce the appointment of Sunny Lowe to its Board of Directors.
“I am very pleased to welcome Sunny to the Prime Board,” stated Murray John, Chair of the Board of Directors. “As an Independent Director, Sunny brings a wealth of financial, mining and executive experience to Prime. We are looking forward to working with her as the Management team advances the Los Reyes Project.”
Ms. Sunny Lowe is a CPA, CA with more than 20 years of finance, international tax and risk management experience mostly spent in the mining sector. Ms. Lowe is currently the Chief Financial Officer of Solaris Resources Inc. Prior to joining Solaris Resources, Ms. Lowe was with INV Metals as Chief Financial Officer and at Kinross Gold Corporation, first as Vice President, Internal Audit & Enterprise Risk Management and then as Vice President, Finance, overseeing the company’s External Financial Reporting and Corporate Controllership functions. Ms. Lowe also worked at Inmet Mining Corporation where she held leadership roles across functions including Enterprise Risk Management, Global Taxation & Compliance, and Business Systems & Controls.
Ms. Lowe obtained her CPA, CA designation while working at Ernst & Young LLP and a MBA from the Schulich School of Business.
The Company has granted Ms. Lowe 88,415 deferred share units (“DSU”s) effective September 25, 2024 at Prime’s 5-day volume weighted average price of $1.64 on the terms set out in the Company’s DSU Plan.
About the Los Reyes Gold and Silver Project
Los Reyes is a rapidly evolving high-grade, low sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. Since acquiring Los Reyes in 2019, Prime has spent approximately CAD$55 million on direct exploration activities and has completed over 198,500 metres of drilling. On May 2, 2023, Prime announced an updated multi-million-ounce high-grade open pit constrained resource (see the May 2, 2023 press release for more details).
May 2, 2023 Resource Statement
Assurance Category
Ore Tonnes
Mt
Average Gold Grade (g/t)
Contained Gold (k ozs)
Average Silver Grade (g/t)
Contained Silver (k ozs)
Average AuEq Grade (g/t) (1)
Contained AuEq (k ozs)
Measured (M)
-
-
-
-
-
-
-
Indicated (I)
27.2
1.16
1, 013
40.40
35,263
1.68
1,470
M+I
27.2
1.16
1, 013
40.40
35,263
1.68
1,470
Inferred
18.1
0.85
497
31.52
18,334
1.26
734
(1) Refer to the Additional Technical Notes section for the gold equivalent grade (“AuEq”) calculation method.
Drilling is on-going and suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas.
Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime’s acquisition, recent operators of Los Reyes had spent approximately US$20 million on exploration, engineering, and prefeasibility studies.
About Prime Mining
Prime is managed by an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators all focused on unlocking the full potential of the Los Reyes Project. The Company has a well-planned capital structure with a strong management team and insider ownership. Prime is targeting a material resource expansion at Los Reyes through a combination of new generative area discoveries and growth, while also building on technical de-risking activities to support eventual project development.
Indi Gopinathan VP Capital Markets & Business Development
Prime Mining Corp. 710 – 1030 West Georgia St. Vancouver, BC V6E 2Y3 Canada +1(604) 238-1659 info@primeminingcorp.ca
Cautionary Notes to U.S. Investors Concerning Resource Estimates This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,” “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the “CIM Standards”). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the “SEC”) in Regulation S-K Subpart 1300 (the “SEC Modernization Rules”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company’s disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.
Forward Looking Information
This news release contains certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company’s properties, including additional exploration potential of Los Reyes, potential quantity and/or grade of minerals, the potential size of the mineralized zone, metallurgical recoveries, and the Company’s exploration and development plans in Mexico. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve several risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, risks inherent in the estimation of mineral resources; and risks associated with executing the Company’s objectives and strategies, including costs and expenses, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 25, 2024, available on www.sedarplus.ca. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
