Appointment of Brian Imrie as Executive Chairman, Appointment of Fernando Pickmann as Director and the Grant of Stock Options
Vancouver, British Columbia – September 29, 2022 – PPX Mining Corp. (the “Company” or “PPX”) announces the appointment of Mr. Brian Imrie as Executive Chairman of PPX from his current position of Chairman, effective immediately. As part of the Company’s growth plans, Mr. Imrie will assume a more active role in PPX’s management decisions, assisting the Company with the execution of short and long-term goals. The Board of directors of PPX welcomes Mr. Imrie’s decision to accept this responsibility.
PPX also announces the appointment of Mr. Fernando Pickmann Dianderas as director of PPX, effective immediately. Mr. Pickmann is a partner at Dentons Gallo Barrios Pickmann in Peru, director of several mining companies, professor at Universidad de Lima and holds a Master in Law from IE Madrid, Spain.
Brian Imrie, Executive Chairman commented: “We are delighted that Fernando Pickmann is joining the PPX Board. Fernando brings many years of extensive experience in Peruvian corporate law, key local relationships that will facilitate the execution of the Company’s plans and a solid knowledge of the Peruvian mining industry. We welcome Fernando’s addition to our Board of directors.
The Board of directors of PPX has granted to directors and officers 15 million options to purchase the same number of common shares in the capital of the Company. Each option is exercisable into one common share at C$0.04 per share for a period of seven years from the date of grant. The options vest immediately and are granted in accordance with the Company’s Stock Option Plan.
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, 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 operating the Callanquitas Mine (“Mina Callanquitas”) exploiting high grade, underground-minable oxidized gold and silver ore. Based on the Company’s Pre-Feasibility Study (“PFS”), 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 (the Igor PFS is available on the Company’s website and SEDAR). Increasing metal prices and mine productivity, coupled with superior toll milling contracts, have all contributed to the increasing revenue derived from operations at Mina Callanquitas. It should be noted that the decision to commence mining operations at Mina Callanquitas is based solely on the PFS referenced above, not a feasibility study. As such, there is an increased uncertainty as to the specific economic outcome of the project and a similar increase in the technical risk of failure associated with a production decision based solely on the PFS.
*AuEq is calculated as follows: AuEq ounces = Au ounces + Ag ounces/75. Per PFS, inclusive of metallurgical recovery.
Through Fiscal Q2 2022, Mina Callanquitas has produced over 174,099 tonnes of ore grading 9.65 gpt gold and 97.5 gpt silver resulting in the production of 53,519 ounces of gold and 500,525 ounces of silver from the Mineral Reserves and Measured and Indicated Resource at Mina Callanquitas as defined in the Igor PFS. The mine currently produces at a rate of approximately 134 tonnes/day with ore being processed at nearby toll milling facilities.
All scientific and technical information in this press release has been reviewed and approved by Quentin Browne M.Sc., a Certified Professional Geologist and a member of the American Institute of Professional Geologists and is a Qualified Person as the term is defined in NI 43-101. Mr. Browne is an independent consultant of PPX Mining Corp.
Neither 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.
On behalf of the Board of Directors
880-580 Hornby Street,
Vancouver, BC, V6C 3B6,
This press release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) as such terms are defined by applicable securities laws, including, but not limited to statements regarding the resumption of trading on the Exchange. Forward-looking statements are statements that relate to future events. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend,”, statements that an action or event “may,” “might,” “could,” “should,” or “will” be taken or occur, or other similar expressions. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control, and the Company’s actual results could differ materially from those stated or implied in forward-looking statements due to many various factors. Such uncertainties and risks include, among others, delays in obtaining or inability to obtain required regulatory approvals in connection with the resumption of trading on the Exchange; risks associated with the mining industry (including operational risks in exploration development and production); delays or changes in plans with respect to exploration or development projects or capital expenditures. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward-looking statements. All forward-looking statements contained in this press release are made as of today’s date, and the Company undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.