Vancouver, British Columbia – February 4, 2019 – PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce that it has received the final permit needed to begin construction of its heap-leach gold and silver processing plant at its Igor Project in northern Peru. As outlined in the Igor Pre-Feasibility Study (available on the Company’s website or SEDAR), the plant will process ore mined from the Callanquitas Mine located less than 2km from the plant site. Initial capacity of the plant will be 350 tonnes/day but it has been engineered to operate at twice that capacity to allow for potential low-cost and rapid expansion of production in the future. With the approved permit to build the heap-leach processing plant, known as the Autorización de Inicio de Actividades de Construcción de Instalaciones Principales (“AIA” or “F2”), PPX will immediately begin site prep work for the installation of the crushing plant and agglomerator.
The fabrication of the three main components of the processing facility were finished in China; three-stage crusher, agglomerator, and Merrill-Crowe gold silver recovery system. The steel frame and structure for the crushing plant and agglomerator have been shipped to Peru and the remaining components will be shipped in order of construction sequencing, eliminating potential delays and efficiently deploying Company capital. PPX expects the process plant to be completed and in full operation by mid-2019.
Brian J. Maher, President and CEO commented: “PPX is excited to receive the AIA for its Igor gold and silver heap-leach processing plant. The Company has been completing permitted site work, upgrading access to plant site, levelling ancillary areas for the processing plant, etc. With the AIA in hand, we can begin pouring concrete and finishing preparations for the arrival of the crushing plant, the first step in assembling the processing facility.”
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, BVL: PPX) is a Canadian-based mining company with assets in northern Peru. Igor, the Company’s 100%-owned flagship gold and silver project, is located in the prolific Northern Peru gold belt in eastern La Libertad Department. PPX is developing the Callanquitas Mine and heap leach facility to exploit high grade, underground-minable gold and silver ore. Based on the Company’s Pre-Feasibility Study, PPX expects the Callanquitas Mine to produce up to 26,000 AuEq* ounces per year over a seven-year mine life at cash cost of less than US$610/AuEq* ounce (Please see Company press release dated December 4, 2018). Simultaneously, PPX is accelerating its exploration program at Igor in order to fully evaluate the resource potential of the entire Igor project area. The Callanquitas structure is open along strike and at depth, parallel structures are unexplored. New discoveries at Portachuelos, coupled with the Domo and Tesoros exploration targets, emphasize that the Igor Project is evolving into a district-scale project with multiple deposits and mineralized zones.
*AuEq is calculated as follows: AuEq ounces = Au ounces + Ag ounces/75. Per PFS, inclusive of metallurgical recovery.
All scientific and technical information in this press release has been reviewed and approved by Quentin J. Browne, P.Geo., Independent Consulting Geologist to PPX Mining Corp., who is a qualified person under the definitions established by National Instrument 43-101.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
PPX Mining Corp.
Brian J. Maher, President and Chief Executive Officer
Email: [email protected]
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. Certain disclosure in this release, may constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks are described from time to time in the Company’s filings with the appropriate securities commissions, and may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals or financing, fluctuating metal prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.