Prime Mining Completes Acquisition of Los Reyes Gold-Silver Project
20 July 2020 - 11:00PM
Prime Mining Corp. (
TSX.V: PRYM)
(OTCQB:
PRMNF) (
Frankfurt: A2PRDW)
(“
Prime” or the “
Company”) is
pleased to announce that the Company has completed the acquisition
of the Los Reyes gold and silver property in Sinaloa, Mexico
(“
Los Reyes”) with a payment of US$1,500,000 to
Vista Gold Inc. (“
Vista”), which was made on July
17, 2020 (the “
Acquisition Date”). With this
payment, Vista no longer retains two separate 2% net smelter
royalties on production from open-pit or underground mining, or a
back-in right to assume a 49% non-carried interest in any
underground mining at Los Reyes. Prime is required to pay
Vista an additional US$2,100,000 through two payments of: (i)
US$1,100,000 no later than six months from the Acquisition Date;
and (ii) US$1,000,000 no later than twelve months from the
Acquisition Date. If the Company fails to make the two
payments, Vista’s net smelter royalties and back-in right will be
reinstated.
Prime filed a deed in Mexico with the Public
Registry of Property and Commerce to record the transfer of the
thirty-seven Los Reyes mining concessions to Prime’s local
subsidiary company. In several days, the mining
concessions will also be registered with the Mines General
Directorate’s Mining Public Registry.
Daniel Kunz, Chief Executive Officer Prime
Mining Corp commented, “With the completion of the transaction
Prime now owns 100% of Los Reyes, an oxide open-pit project that
already has a high-quality gold-silver mineral resource with
exceptional growth potential.”
Vice President Investor Relations
AppointmentPrime is also pleased to announce that Mr. Alex
Tsakumis has been appointed as Vice President – Investor Relations.
Mr. Tsakumis has over 25 years of capital markets experience
representing mining companies listed on major stock exchanges
(including TSX and NYSE). His responsibilities have included
corporate governance, corporate communications and maintaining
active engagement and strong relationships with institutional
investors. Mr. Tsakumis holds a BA in Economics.
About Prime Mining Corp.Prime’s
management team has an ideal mix of successful capital markets and
mining executives and experienced local exploration personnel.
Prime is actively exploring the historic Los Reyes gold and silver
project in Sinaloa, Mexico. Los Reyes has a current measured and
indicated in-pit oxide mineral resource for the Property of 19.8
million tonnes containing 633,000 gold ounces at 1.0 gpt and
16,604,000 silver ounces at 26.2 gpt. Los Reyes holds
substantial resource upside based on open extensions of known
resources, ten kilometres of undrilled strike length and at least
eight additional exploration targets. Prime Mining has a
well-planned capital structure with significant management and
insider ownership.
For more information please visit www.primeminingcorp.ca and
follow us on Twitter, Facebook or LinkedIn.
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:
dan@dkunzassoc.com
Andrew Bowering Executive Vice
President and DirectorPrime Mining Corp.1507 – 1030 West Georgia
StreetVancouver, BC, V6E 2Y3Telephone: (604) 428-6128Facsimile:
(604) 428-6430E: andy@primeminingcorp.ca
Neither 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.
Forward Looking
InformationInformation set forth in this document may
include forward-looking statements. While these statements reflect
management's current plans, projections and intents, by their
nature, forward-looking statements are subject to numerous risks
and uncertainties, some of which are beyond the control of the
Company. Readers are cautioned that the assumptions used in
the preparation of such information, although considered reasonable
at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on these forward-looking
statements. There is no assurance the transactions noted above will
be completed on the terms as contemplated, or at all. The
Company’s actual results, programs, activities and financial
position could differ materially from those expressed in or implied
by these forward-looking statements.
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