PPX Resumes Underground Test Mining and Bulk Sample Shipments fromMina Callanquitas
July 5, 2017
Vancouver, British Columbia – July 5, 2017 – PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce that PPX, in conjunction with our mining partners Proyectos La Patagonia (“PLP”), have begun shipping stockpiled gold and silver mineralized bulk samples from Mina Callanquitas to the Malin Plant of Silver Cascas S.A.C., where the Company processes its bulk samples. In addition, PLP has restarted underground test mining at Mina Callanquitas as of July 1, 2017. PLP will be ramping up its production capacity over the next several months allowing the Company to resume and accelerate its test mining and bulk sampling program. The Company has been working closely with PLP and the local community to restart test mining and resume the shipment of bulk samples:
- The local community of Callanquitas has agreed to provide fifty (50) people to work at Mina Callanquitas supporting test mining, the Company’s exploration program, and the completion of water irrigation canals at community sites. The Company has also positively engaged with the communities that surround the road that connects the mine site with the town of Sayapullo and the Malin Plant (“the Sayapullo Road”). The Sayapullo Road will be used as the main operational infrastructure for mine access and bulk sample transport to the Malin Plant.
- The Company has completed preliminary maintenance work on the Sayapullo road that allowed the resumption of bulk sample shipments to the Malin Plant on July 2, 2017. Additional maintenance and upgrades to the Sayapullo Road will continue through mid August 2017.
- PLP has begun preparing the Mina Callanquitas to implement a revised test mining plan that anticipates mining 3,500 metric tonnes of bulk sample during calendar Q3 2017. The mine preparations and development work will allow further expansion of mine capacity in anticipation of the completion of a Prefeasibility Study (“PFS”) later this year.
Brian J. Maher, President and CEO of PPX Mining commented: “PPX is excited to resume underground test mining at Mina Callanquitas and simultaneously resume shipments of bulk samples of gold and silver mineralized material for processing at the Malin Plant. Together with our mining partners PLP, we intend to increase the bulk sampling rate throughout the remainder of 2017, targeting 150 metric tonnes/day of bulk sample by the end of calendar Q4 2017. This bulk sampling rate should be sufficient to complete metallurgical test work and define the appropriate processing method(s) required for our PFS targeted for the end of 2017”
About PPX Mining Corp.: PPX Mining Corp. (PPX: TSX.V; BVL) is currently exploring and evaluating mine development opportunities at its Igor Mine Project in Northern Peru. The Igor project explores several high grade, gold and silver mineralized high-angle structures that host significant gold and silver resources. The Callanquitas Structure at the Igor Project contains Inferred gold and silver resources of 7,189,000 tonnes grading 1.94 gpt gold and 71.8 gpt silver containing 448,500 ounces of gold and 16,600,000 ounces of silver at a cutoff grade of 1.5 gpt gold equivalent. Included within this resource estimate is a higher grade zone consisting of 2,730,000 tonnes grading 2.73 gpt gold and 119.1 gpt silver containing 239,400 ounces of gold and 10,500,000 ounces of silver using a 3.0 gpt gold equivalent cutoff grade (Please see Technical Report as amended on September 27, 2013 entitled “Technical Report on the Callanquitas Structure, Igor Mine Project, Northern Peru, South America”, available on the Company’s web site or SEDAR). Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. The Company has begun work on its underground test mining and bulk sampling program which is designed to validate and upgrade the resource estimate, and generate data to evaluate the possibility of future mine development at Igor. The Company is accelerating its exploration program at Igor in order to fully evaluate the resource potential of the entire Igor project area.
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
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 detailed from time to time in the Company’s filings with the appropriate securities commissions, and may include, among others, market conditions, and delays in obtaining or failure to obtain required regulatory approvals or financing. 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.