LA Verde Project & Finance Update
Suite 920 – 1112 WEST PENDER STREET
VANCOUVER, BC, V6E 2S1
http://primemeridianresources.com/
DECEMBER 08 2022 News Release TSX-V: PMR
PRIME MERIDIAN RESOURCES CORP.
LA VERDE PROJECT & FINANCE UPDATE
Vancouver, B.C.: Prime Meridian Resources Corp. (“PMR'' or the “Company”) (TSX-V: PMR) is pleased to
announce the following update on the Company’s La Verde Project. Further to the Company’s News
Release of October 4th, 2022, the Company’s project payments and work program expenditures for the
next six months under the La Verde Financial Plan are projected as follows:
Monthly Option Payments $163,800.00
La Verde Project - Mining Duties $23,453.76
La Verde Project - Phase1 Work Program $264,200.00
$451,453.76
The Company has received final approval to close its private placement financing, previously announced
September 7, 2022, for aggregate gross proceeds of $340,000. The Company has issued 6,800,000 units,
each Unit being comprised of one common share and one common share purchase warrant, each warrant
exercisable at $0.10 for 3 years, subject to the right of the Company to accelerate the exercise period if,
after the expiry of the 4-month hold, shares of the Company close at or above $0.50 for 10 consecutive
trading days. Cash finders’ fees totaling $21,600 have been paid and 432,000 broker warrants, exercisable
at $0.10 for 3 years from the date of issue have been issued.
The Financing included one insider, for a total of 1,000,000 Units or $50,000, the insider subscription being
a “related party transaction” as such term is defined under MI 61 -101 – Protection of Minority
Security Holders in Special Transactions. The Company is relying on exemptio ns from the formal
valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61 -101 in respect of the
transaction as the fair market value of the transaction, insofar as it involves the interested party,
is not more than 25% of the Company’s market capitalization.
All securities issued pursuant to that Financing are subject to a 4-month hold.
The Company announced in a News Release on November 25, 2022, the commencement of a non-
brokered private placement offering of units at five cents per unit for gross proceeds of up to $1.0 million,
consisting of:
Suite 920 – 1112 WEST PENDER STREET
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• Up to 20 million units priced at five cents per unit.
• Each unit includes one common share and one common share purchase warrant.
• Each common share purchase warrant is exercisable at 10 cents for a period of three years.
• The company may pay finders fees on the proceeds of the private Placement.
• The securities issued will not be subject to a statutory four-month hold period.
The company has the right to accelerate the exercise period on the warrants if the common shares of the
company close at or above 50 cents for a period of 10 consecutive trading days.
The Company will not be using any of the above funds for expenditures on the pending La Verde
acquisition until that acquisition has been approved by the TSX Venture Exchange.
The La Verde Project
The La Verde Project consists of multiple Copper-Zinc-Silver-Gold skarns and breccias along with the
potential for a proximal copper porphyry based on encouraging results from previous exploration. Copper
mineralization typically occurs as copper oxides, primarily malachite, chrysocolla and chalco cite, with
sulphides reported in small zones and at depth.
The La Verde Grande mine, which was the subject of historical production between 1903 and 1981 is the
most advanced of the known targets at the La Verde Project, as it has a historical ore reserve estimate for
the central mineralized zone that covers only 110 metres of strike length. The La Verde Grande orebody
is also located close to the surface which is ideal for low strip ratios. Metallurgical testing by various
companies has consistently shown favourable results with average recoveries for silver by floatation of
approximately 80% and copper and zinc of approximately 86% and 76%, respectively through acid
leaching.
The La Verde Grande orebody remains open along strike to the southwest and northeast and within the
project boundaries there are numerous other copper-silver skarn occurrences that have been located
within the concessions surrounding the La Verde Grande Mine.
The combined results of recent underground and surface trench rock chip s ampling at the La Verde
Grande orebody have defined a horizontally oriented mineralized body approximately 50 to 70 metres
wide, 35 to 50 metres thick and over 250 metres in length. Magnetic and IP/Resistivity geophysical surveys
over the La Verde Grande orebody indicated that the deposit might extend over a strike length of more
than 400 metres. The survey also identified three additional anomalies in the immediate vicinity to the
La Verde Grande Mine deposit (immediately southeast of the deposit, 100 metres west of the deposit,
and 250 metres southwest of the deposit).
Qualified person
The technical contents of this release were approved by Case Lewis, PGeo, a qualified person as defined
by National Instrument 43-101.
Suite 920 – 1112 WEST PENDER STREET
VANCOUVER, BC, V6E 2S1
http://primemeridianresources.com/
About Prime Meridian Resources
Prime Meridian Resources is focused on the exploration and development to production of copper and
silver projects in Mexico.
On behalf of the Board of Directors of
Prime Meridian Resources Corp.
"Brian Leeners"
Brian Leeners, CEO & Director
[email protected] / +1 604-862-4184 (WhatsApp)
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has
neither approved or disapproved the contents of this press release.