/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, June 26, 2019 /CNW/ - PRIZE MINING
CORPORATION ("Prize" or the "Company")
(TSXV:PRZ) (OTCQB:PRZFF) (MQSP:GR:FRANKFURT) wishes to announce
that it has retained JDS Energy and Mining Ltd. of Vancouver to undertake a scoping level
engineering and economic study of the Kena Gold Project located in
the Kootenay Boundary Region of British
Columbia.
"Prize Mining has two highly prospective assets in great
jurisdictions with the Kena Gold Project in British Columbia and the Manto Negro Copper
Project in Mexico" said
Michael McPhie, President and CEO of
Prize. "We have an active exploration program underway in
Mexico and, with the recent
strength in the gold market and our exploration success over the
past year, we are looking at opportunities to advance and create
further value at Kena. With a 1.8 million ounce NI 43-101
indicated and inferred gold resource in a historical mining
district of BC, our goal of this work is to better understand and
evaluate the economic and development potential of this
project."
ENGINEERING AND ECONOMIC ASSESSMENT OF THE KENA GOLD
PROJECT
The Kena Gold Project (Kena) comprises three properties known as
Kena, Daylight and Toughnut. Over the past two years Prize
has consolidated these three properties into a large 7,100 hectare
contiguous land package in the Kootenay Boundary region of
southeastern British Columbia. The Kena property has a NI
43-101 bulk tonnage gold resource of 480,000 ounces indicated and
1,318,000 ounces inferred. Between 2017 and 2018, Prize
carried out extensive surface sampling and geophysical surveys on
all three properties. It also carried out 3 diamond drilling
campaigns, one on Daylight consisting of 18 holes for a total of
2,695 meters and two on Toughnut for a total of 31 holes for 5,559
meters.
Both the Daylight and Toughnut properties have exhibited
meaningful gold mineralization through historical and more recent
Prize Mining led exploration efforts (see the Prize Mining web site
at:
https://prizemining.com/projects/kena-daylight-gold-project/).
In considering possible development options for the Kena Gold
Project and directing future exploration and resource expansion
potential, the company has retained JDS Energy and Mining Ltd.
(www.jdsmining.ca) to undertake a Scoping Level Engineering, Design
and Economic Assessment Study of Kena.
JDS will perform a High-Level Assessment of the Kena Gold
Project focusing on a high-grade, low-throughput mining / milling
scenario to evaluate:
- Potential plant types and processes;
- Conceptual mine design and operating scenarios;
- Surface infrastructure requirements;
- Waste handling and storage;
- Offsite logistics;
- Capital and operating costs estimates; and
- Project concept and high level economic evaluation.
The Assessment will also include the identification of any
challenges as well as opportunities. Once complete, JDS will
provide recommendations as to the best path forward for the
Project.
Based on the outcome of this work, Prize will evaluate the next
stages of the Kena Project which could include further exploration
of promising resource areas and a Preliminary Economic Assessment
(PEA) and related engineering and geological studies. The
intent of this work is to continue to advance our understanding of
Kena and the future development potential and value of the
property.
Jarrod Brown, P. Geo., a manager
of TerraLogic Exploration, is the Company's nominated Qualified
Person (QP) under NI 43-101 responsible for monitoring the
supervision and quality control of the exploration programs
completed on the Kena, Daylight and Toughnut properties in British
Columbia. Mr. Brown has approved and verified the scientific
and technical information in this news release.
About Prize Mining Corporation
Prize is a junior mining issuer listed on the TSX Venture
Exchange. Prize is focused on the exploration and development
of the Kena Gold Property in BC and the Manto Negro Copper Property
in Mexico. Find out more at: www.prizemining.com
Follow Prize Mining on Social Media
Twitter
Facebook
LinkedIn
Reader Advisory
Forward-Looking Statements. This news release contains
forward-looking statements. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate",
"scheduled", "potential", or other similar words, or statements
that certain events or conditions "may", "should" or "could"
occur.
The forward-looking statements are based on certain key
expectations and assumptions made by Prize, including the 2017 and
2018 drilling programs and the 2017 Mineral Resource Estimate on
Prize's Kena-Daylight and Toughnut Properties, in addition to
historical work on the properties and in the region. Although
Prize believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because
Prize can give no assurance that they will prove to be
correct. There is no assurance that the result of these
exploration programs will be successful. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and
risks. These include, but are not limited to, exploration
risks and that required regulatory and third-party approvals and
consents are not obtained on terms satisfactory to the parties
within the timelines provided.
The reader is cautioned that assumptions used in the preparation
of such information, although considered reasonable by the Company
at the time of preparation, may prove to be incorrect and readers
are cautioned not to place undue reliance on forward-looking
information, which speaks only as of the date hereof. The
Company does not undertake any obligation to release publicly any
revisions to forward-looking information contained herein to
reflect events or circumstances that occur after the date hereof or
to reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws.
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.
SOURCE Prize Mining Corporation
