Prime Mining Corp. (“Prime” or the
“Company”) (TSX-V: PRYM, OTCQB:
PRMNF, Frankfurt: 04V3) announces the appointment of Mr. Scott
Hicks as Executive Vice President. Among other responsibilities,
Mr. Hicks will assume day-to-day charge over the Company’s
marketing, communications and business development
activities. Andrew Bowering continues as an executive
advisor to the Company and remains a member of the board of
directors.
Chief Executive Officer Daniel Kunz commented,
“On behalf of the board and management team, we welcome Scott
onboard and look forward to working with him to advance our
exciting Los Reyes gold-silver project in Mexico. He joins the
Company as an officer, key executive and team member in our quest
to increase the resource size and determine Los Reyes’ ultimate
potential. Scott has visited the Los Reyes project and is already
making valuable observations and contributions to its
development.”
Mr. Hicks, P.Eng., CFA, has a degree in Mining
Engineering from Queen's University and a professional designation
in finance from the Chartered Financial Analyst Institute. Mr.
Hicks has over 20 years of experience in the mining business as a
mining executive focused on creating shareholder value through
effective strategic planning as well as rigorous financial
evaluation and discipline. Experienced in gold mining and base
metals operations, he is equally comfortable in highly complex
financial or technical problem-solving environments and spent two
and a half years living in Indonesia and working at one of the
world's largest integrated nickel mining operations.
Mr. Hicks recently worked as Senior Vice
President, Technical Services, Geology and Mine Planning at Kinross
Gold Corporation, where, amongst other duties, he was responsible
for evaluating the geological and resource potential of numerous
mineral deposits worldwide.
As a signing bonus for Mr Hicks, the Company
will grant, subject to acceptance by the TSX Venture Exchange,
400,000 restricted share units (“RSUs”) to Mr. Hicks that will vest
in equal tranches on the first, second and third anniversary of the
approval date. After the first anniversary, if the Company’s share
price reaches a 30-day VWAP of $3.00 for the second third of
unvested RSUs and $4.00 for the final third of unvested RSUs then
the remaining vesting shall be accelerated and the respective RSUs
shall become vested on the last day of the appropriate 30-day
period. In addition, the Company’s Board of Directors has approved
the granting of 875,000 incentive stock options, exercisable at the
price of $2.05 per share for a term of five years, which will vest
1/3 after six months, 1/3 after twelve months, and 1/3 after
eighteen months from the date of grant, to management of the
Company, including Mr. Hicks. The granting of the stock options is
in accordance with the Company’s option plan but is subject to
acceptance by the TSX Venture Exchange.
Los Reyes Gold and Silver
Project
Los Reyes is a rapidly evolving high-grade, low
sulphidation epithermal gold-silver project located in Sinaloa,
Mexico, within the prolific Sierra Madre mining region. 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. The Project remains underexplored as only
40% of the known structures have been systematically drilled,
leaving 10 kilometres of untested strike length. Los Reyes holds
potential for additional discovery and resource expansion.
Since acquiring Los Reyes in 2019, Prime has
spent approximately US$30 million on direct exploration activities
and is nearing completion of two phases of comprehensive drilling
totaling over 87,000 metres and growing. Results to date suggest
the eight known deposits are much larger than previously reported
and potential exists for new discoveries outside of current defined
resource areas.
About Prime Mining
Prime Mining is an ideal mix of successful
mining executives, strong capital markets personnel, and
experienced local operators focused on unlocking the full potential
of the high-grade Los Reyes Gold-Silver Project in Mexico. Prime
Mining has a well-planned capital structure with significant team
and insider ownership.
ON BEHALF OF THE BOARD OF DIRECTORS
Daniel KunzChief Executive
Officer
For further information, please contact:
Daniel KunzChief Executive
Officer and DirectorPrime Mining Corp.1307 S. Colorado Ave.Boise,
Idaho 83706Telephone: 1-208-926-6379 officeemail:
daniel@primeminingcorp.ca
Scott HicksExecutive Vice
PresidentPrime Mining Corp.710 – 1030 West Georgia StreetVancouver,
BC, V6E 2Y3Telephone: (604) 428-6128email:
scott.hicks@primeminingcorp.ca
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
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 April 22, 2022, available on
www.sedar.com. 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.
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