KNT.TO · 2020-10-22 12:00:00

K92 Mining Announces Maiden Karempe Vein System Drilling Results and High-Grade Epithermal Vein Mineralization

Drill Results

Suite 488 – 1090 West Georgia Street

Vancouver, British Columbia

Canada V6E 3V7

Telephone: +1 (604) 687-7130

Facsimile: +1 (604) 608-9110

www.k92mining.com

NEWS RELEASE

October 22, 2020 Vancouver, British Columbia

K92 MINING ANNOUNCES MAIDEN KAREMPE VEIN SYSTEM DRILLING

RESULTS AND HIGH-GRADE EPITHERMAL VEIN MINERALIZATION

• Results reported for the first six holes drilled by K92 of the largely untested Karempe

vein system. Drilling has delineated a well mineralized vein system, intersecting five

parallel veins, trending North -South, sub-parallel and ~450m West of the producing

Kora deposit.

• Multiple high-grade intersections reported on the KA1 Vein, including hole

KRDD0005 recording 2.45 m at 39.82 g/t Au, 6 g/t Ag and 0.19% Cu (40.18 g/t AuEq).

• KRDD0006 recorded multiple intersections including 3.20 m at 17.50 g/t Au, 20 g/t Ag

and 0.34% Cu (18.28 g/t AuEq) on the KA1 vein, ~100m down-dip from the high-grade

KRDD0005 KA1 vein intersection.

• KA2 vein also encountered significant mineralization, including KRDD0002 recording

1.60 m at 8.61 g/t Au, 3 g/t Ag and 0.06% Cu (8.74 g/t AuEq).

• Mineralization is an intrusive relate d Au -Cu-Ag epithermal vein system, similar to

Kora, open to depth and mapped over 2 km of strike . The interpreted strike length is

supported by rock chip sampling, three historical drill holes and K92’s recent drilling.

Vancouver, British Columbia, October 22, 2020 - K92 Mining Inc. (“K92” or the “Company”)

(TSX-V: KNT ; OTCQX: KNTNF) is pleased to announce results of the first six drill holes

completed by K92 on the Karempe Vein System at the Kainantu gold mine in Papua New Guinea.

The Karempe Vein System is located near -mine infrastructure, subparallel to and ~450m West

from the producing Kora deposit.

To date, five known veins have been recorded at Karempe , with similar vein orientation and

intrusive related Au-Cu-Ag mineralization as Kora. The veins are essentially quartz and massive

pyrite, and more localized chalcopyrite hosted within competent diorite. The veins remain open to

depth and only a fraction of the over 2,000 m strike length, documented by mapping and rock chip

sampling, has been drill tested.

A total of six diamond drill holes were reported at Karempe, with intersections recorded in multiple

veins. The results are highlighted by the KA1 Vein, with KRDD0005 recording 2.45 m at 39.82

g/t Au, 6 g/t Ag and 0.19% Cu (40.18 g/t AuEq, 2.30 m true width), including 0.75 m at 125.40

g/t Au, 12 g/t Ag, 0.13% Cu (125.75 g/t AuEq, 0.68 m true width). Approximately 100m down -

dip from KRDD0005, along the KA1 Vein, hole KRDD0006 recorded 3.20 m at 17.50 g/t Au, 20

g/t Ag and 0.34% Cu (18.28 g/t AuEq, 2.45 m true width), including 1.60 m at 26.58 g/t Au, 38

g/t Ag, 0.66% Cu (28.07 g/t AuEq, 1.19 m true width). Both holes recorded mineralization that is

invariably associated with massive sulphide (pyrite -chalcopyrite) and crystalline quartz,

encapsulated within broad zones of strong sericite alteration.

Drilling also recorded significant mineralization along the KA2 Vein, highlighted by KRDD0002

recording 1.60 m at 8.61 g/t Au, 3 g/t Ag and 0.06% Cu (8.74 g/t AuEq , 1.31 m true width). The

KRDD0002 intersection was reported ~100m to the south along strike from KRDD0005. There

are currently two drill rigs at Karempe and through the remainder the year, drilling plans to target

both down-dip and strike extensions.

(Gold Equivalent (AuEq) is calculated using copper price of US$3.05/lb, silver price of

US$16.05/oz and gold price of US$1,400/oz.)

Chris Muller, K92 Vice President Exploration, stated, “The maiden drill program at Karempe has

unveiled an impressive vein system comprising multiple, continuous gold mineralized structures

that resemble Kora mineralization. Karemp e has approximately 2km of strike length, as

demonstrated by surface mapping, and limited drill testing . Together with Kora and Judd ,

epithermal veins comprising, and proximal to, the Kainantu Gold Mine represent a significant

gold/copper mineralized vein field.”

John Lewins, K92 Chief Executive Officer and Director, also added, “With only approximately

20% of the mapped vein field strike length tested and the areas already tested being largely open

at depth, the results at Karempe highlight the strong exploration potential at Kainantu. By the end

of this year, we plan to have 10 drill rigs on site; 5 underground drill rigs and 5 surface drill rigs,

drilling the Karempe, Kora, Kora South and Judd vein systems plus the Blue Lake porphyry

concurrently. We expect to increase the number of drill rigs in 2021.”

Karempe Vein System Background

The Karempe vein system was originally recognized by field mapping in the early 1990’s.

Highlands Gold Limited (“HGL”) drilled two holes targeting the Karempe system in 1994 ;

021BD94 (to 230.5m) which returned 0.9m at 8.5 g/t Au, 57 g/t Ag, 1.32 % Cu and 098BD05

which was terminated at just 49.9m. Barrick drilled one hole, BKDD0025 in October 2009 which

returned a number of significant gold/copper intercepts, just prior to the cessation of the mining

lease (ML150) drill program. No other drill holes have tested t he Karempe vein system and no

targeted program was carried out until K92 commenced drilling Karempe in March 2020 .

Exploration was suspended for ~3 months during the COVID-19 State of Emergency and detailed

mapping/sampling and drilling resumed in late June.

See Figure 1 for location map of the Karempe Vein target, existing mine infrastructure and other

proximal interpreted veins.

See Figure 2 for cross section of the Karempe Vein System with holes KRDD0005 and KRDD0006.

See Figure 3 for plan view of the area drilled by K92 at the Karempe Vein System.

See Figure 4 for drill core photograph of KRDD0005, 237.30 - 240.83 m. Massive sulphide/quartz

vein in sericite altered diorite; downhole interval returned 2.45 m at 39.82 g/t Au, 6 g/t Ag, 0.19%

Cu (40.18 g/t AuEq), including 0.75 m at 125.4 g/t Au, 12 g/t Ag, 0.13% Cu (125.75 g/t AuEq).

See Figure 5 for drill core photograph of KRDD0006, 300.06 - 303.70 m. Massive sulphide/quartz

vein in altered diorite host; downhole interval returned 3.20 m at 17.5 g/t Au, 20 g/t Ag, 0.34% Cu

(18.28 g/t AuEq), including 1.6m at 26.58 g/t Au, 38 g/t Ag, 0.66% Cu (28.07 g/t AuEq).

See Figure 6 for drill core photograph of KRDD0005, 239.7m. Macro photo of massive pyrite -

chalcopyrite intergrown with crystalline quartz; part of 0.75 m interval which returned 125.4 g/t

Au.

Table 1 - Kainantu Gold Mine – Significant Intercepts from Diamond Drilling at Karempe

Hole_id From (m) To (m) Interval

(m)

True width

(m) Gold g/t Silver g/t Copper % Gold

equivalent Vein_Id

KRDD0001 172.2 172.9 0.71 0.41 1.41 31 2.94 6.31 HWS

Including 172.2 172.5 0.34 0.19 2.23 49 5.29 10.95 HWS

Including 172.5 172.9 0.37 0.21 0.66 15 0.79 2.06 HWS

KRDD0001 207.4 214.1 6.66 3.80 1.98 11 0.61 3.06 KA1

Including 207.4 207.7 0.30 0.17 1.01 42 4.88 9.01 KA1

Including 207.7 208.3 0.52 0.30 0.60 13 0.45 1.46 KA1

Including 208.3 209.0 0.74 0.67 0.16 3 0.11 0.36 KA1

Including 209.0 209.9 0.90 0.82 0.06 2 0.11 0.26 Ka1

Including 209.9 211.0 1.10 0.63 2.17 23 1.32 4.49 KA1

Including 211.0 211.3 0.30 0.17 0.36 6 0.39 1.03 KA1

Including 211.3 212.3 1.02 0.58 5.45 15 0.54 6.46 KA1

Including 212.3 212.9 0.61 0.55 0.09 2 0.01 0.13 KA1

Including 212.9 213.5 0.54 0.49 0.62 6 0.06 0.79 KA1

Including 213.5 214.1 0.63 0.36 6.27 6 0.06 6.44 KA1

KRDD0001 278.0 284.0 6.00 3.42 0.36 3 0.20 0.70 KN1

Including 278.0 279.0 1.00 0.57 0.61 8 0.74 1.84 KN1

Including 279.0 280.0 1.00 0.57 0.10 2 0.17 0.39 KN1

Including 280.0 281.3 1.28 0.91 0.01 1 0.01 0.04 KN1

Including 281.3 282.1 0.80 0.57 0.06 1 0.02 0.10 KN1

Including 282.1 282.9 0.82 0.47 1.64 2 0.12 1.84 KN1

Including 282.9 284.0 1.10 0.63 0.05 2 0.14 0.29 KN1

KRDD0001 288.9 291.0 2.13 1.21 2.02 2 0.09 2.17 Splay

Including 288.9 290.0 1.13 0.64 0.04 1 0.11 0.22 Splay

Including 290.0 291.0 1.00 0.57 4.25 2 0.06 4.37 Splay

KRDD0001 357.2 360.8 3.60 2.05 0.02 9 0.08 0.26 KN2

Including 357.2 358.2 0.95 0.54 0.02 2 0.04 0.10 KN2

Including 358.2 359.0 0.85 0.48 0.01 2 0.04 0.10 KN2

Including 359.0 360.8 1.80 1.03 0.03 15 0.13 0.42 KN2

KRDD0001 459.7 462.3 2.57 1.47 0.43 2 0.61 1.39 KA2

KRDD0002 32.2 37.2 4.96 3.80 0.52 1 0.01 0.55 Splay

Including 32.2 32.6 0.36 0.28 0.65 27 0.03 1.03 Splay

Including 32.6 33.2 0.60 0.46 0.24 8 0.06 0.43 Splay

Including 33.2 34.8 1.57 1.20 0.01 2 0.01 0.05 Splay

Including 34.8 37.2 2.43 1.86 0.23 8 0.03 0.38 Splay

KRDD0002 224.9 233.0 8.10 5.21 0.31 9 0.03 0.46 Splay

Including 224.9 226.3 1.37 0.88 0.65 27 0.03 1.03 Splay

Including 226.3 227.5 1.23 0.79 0.24 8 0.06 0.43 Splay

Hole_id From (m) To (m) Interval

(m)

True width

(m) Gold g/t Silver g/t Copper % Gold

equivalent Vein_Id

Including 227.5 229.0 1.50 0.96 0.01 2 0.01 0.05 Splay

Including 229.0 231.2 2.20 1.41 0.23 8 0.03 0.38 Splay

Including 231.2 231.9 0.70 0.45 0.41 3 0.01 0.47 Splay

Including 231.9 233.0 1.10 0.71 0.47 2 0.01 0.51 Splay

KRDD0002 183.0 183.6 0.64 0.41 0.10 4 0.08 0.28 HWS

KRDD0002 243.3 246.8 3.50 3.29 1.70 5 0.09 1.91 KA1

Including 243.3 244.0 0.70 0.40 1.19 3 0.88 2.57 KA1

Including 244.0 244.7 0.74 0.42 0.98 5 1.18 2.85 KA1

Including 244.7 246.0 1.26 0.72 0.29 3 0.04 0.39 KA1

Including 246.0 246.8 0.80 0.46 5.03 11 0.15 5.40 KA1

KRDD0002 267.8 268.9 1.10 0.78 0.04 1 0.01 0.07 Splay

KRDD0002 282.6 287.4 4.75 4.46 0.11 2 0.08 0.26 KN1

including 282.6 284.3 1.66 1.56 0.04 2 0.02 0.09 KN1

including 284.3 285.9 1.64 1.54 0.04 2 0.01 0.09 KN1

including 285.9 286.6 0.70 0.66 0.01 2 0.03 0.07 KN1

including 286.6 287.4 0.75 0.70 0.48 2 0.43 1.16 KN1

KRDD0002 380.1 382.8 2.70 1.55 0.04 2 0.13 0.26 KN2

KRDD0002 484.0 485.6 1.60 1.31 8.61 3 0.06 8.74 KA2

KRDD0002 533.6 535.6 2.03 1.16 3.98 6 0.31 4.53 KA3

KRDD0003 237.9 241.1 3.25 1.63 1.85 6 0.06 2.01 HWS

including 237.9 239.7 1.85 0.92 0.01 1 0.02 0.06 HWS

including 239.7 240.1 0.35 0.18 16.86 43 0.36 17.96 HWS

including 240.1 241.1 1.05 0.52 0.08 1 0.04 0.15 HWS

KRDD0003 254.0 255.2 1.25 1.21 2.30 1 0.01 2.33 KA1

KRDD0003 315.7 320.4 4.65 4.03 0.26 2 0.06 0.38 KN1

Including 315.7 315.9 0.20 0.17 2.55 1 0.03 2.61 KN1

Including 315.9 318.1 2.20 1.91 0.22 2 1.03 1.83 KN1

Including 318.1 319.5 1.40 1.21 0.04 2 2.03 3.18 KN1

Including 319.5 319.7 0.20 0.17 0.59 5 3.03 5.29 KN1

Including 319.7 320.4 0.65 0.56 0.07 3 0.08 0.23 KN1

KRDD0003 490.1 492.0 1.89 1.08 0.04 1 0.01 0.07 KN2

Including 490.1 490.8 0.74 0.42 0.02 2 0.04 0.10 KN2

Including 490.8 491.5 0.65 0.37 0.05 1 0.01 0.06 KN2

Including 491.5 492.0 0.50 0.29 0.05 1 0.01 0.06 KN2

KRDD0003 530.1 531.1 1.00 0.50 0.73 6 0.31 1.28 Splay

Including 530.1 530.8 0.67 0.33 0.01 3 0.08 0.17 Splay

Including 530.8 531.1 0.33 0.17 2.19 13 0.77 3.53 Splay

KRDD0004 162.0 162.7 0.70 0.49 2.78 176 0.67 6.04 Splay

KRDD0004 260.1 260.7 0.57 0.54 1.19 3 0.88 2.57 HWS

KRDD0004 277.0 285.4 8.43 7.92 0.90 4 0.27 1.37 KA1

Including 277.0 277.4 0.43 0.40 0.46 2 0.10 0.64 KA1

Including 277.4 278.8 1.41 1.32 1.63 3 0.40 2.28 KA1

Including 278.8 280.0 1.19 1.12 0.31 3 0.21 0.67 KA1

Including 280.0 281.3 1.30 1.22 0.24 5 0.37 0.87 KA1

Including 281.3 282.3 0.96 0.90 0.61 3 0.10 0.79 KA1

Including 282.3 283.0 0.74 0.70 0.61 5 0.31 1.15 KA1

Including 283.0 284.0 1.00 0.94 0.69 5 0.23 1.11 KA1

Including 284.0 284.4 0.35 0.33 1.44 16 0.37 2.21 KA1

Including 284.4 285.4 1.05 0.99 2.06 3 0.27 2.51 KA1

KRDD0004 339.2 344.2 5.03 1.81 1.16 16 0.12 1.54 KN1

Including 339.2 340.4 1.23 0.44 2.13 16 0.11 2.51 KN1

Including 340.4 342.0 1.60 0.58 0.15 4 0.07 0.30 KN1

Including 342.0 342.4 0.40 0.14 0.29 1 0.01 0.32 KN1

Including 342.4 343.9 1.46 0.53 1.66 36 0.20 2.43 KN1

Including 343.9 344.2 0.34 0.12 1.24 7 0.10 1.48 KN1

KRDD0004 416.3 416.6 0.35 0.15 3.97 4 0.18 4.29 Splay

KRDD0004 420.9 426.9 6.05 5.48 2.40 2 0.06 2.52 KN2

Including 420.9 422.0 1.15 1.04 0.40 1 0.07 0.51 KN2

Including 422.0 422.8 0.80 0.73 15.97 6 0.18 16.31 KN2

Including 422.8 423.1 0.30 0.27 0.16 1 0.00 0.18 KN2

Including 423.1 423.8 0.70 0.63 0.37 1 0.01 0.40 KN2

Including 423.8 425.5 1.70 1.54 0.21 2 0.05 0.31 KN2

Including 425.5 426.3 0.80 0.73 0.28 1 0.05 0.37 KN2

Including 426.3 426.9 0.60 0.54 0.67 1 0.03 0.72 KN2

KRDD0005 22.9 26.8 3.90 2.51 0.87 21 0.04 1.20 Splay

Including 22.9 24.6 1.70 1.09 0.53 22 0.04 0.87 Splay

Including 24.6 25.8 1.20 0.77 0.49 19 0.04 0.79 Splay

Including 25.8 26.8 1.00 0.64 1.91 20 0.04 2.23 Splay

KRDD0005 215.5 216.3 0.85 0.33 1.04 5 0.10 1.26 Splay

Including 215.5 215.8 0.30 0.23 1.08 4 0.10 1.28 Splay

Including 215.8 216.3 0.55 0.10 0.96 7 0.11 1.22 Splay

KRDD0005 200.4 204.6 4.20 3.44 1.85 15 0.61 2.97 HWS

Including 200.4 200.8 0.40 0.33 4.94 5 0.13 5.21 HWS

Hole_id From (m) To (m) Interval

(m)

True width

(m) Gold g/t Silver g/t Copper % Gold

equivalent Vein_Id

Including 200.8 201.2 0.40 0.33 10.89 118 5.11 20.21 HWS

Including 201.2 203.2 2.00 1.64 0.58 5 0.21 0.96 HWS

Including 203.2 203.6 0.40 0.33 0.16 4 0.07 0.32 HWS

Including 203.6 203.9 0.30 0.25 0.32 2 0.02 0.37 HWS

Including 203.9 204.6 0.70 0.57 0.16 2 0.02 0.21 HWS

KRDD0005 238.7 241.1 2.45 2.30 39.82 6 0.19 40.18 KA1

Including 238.7 238.9 0.20 0.19 0.48 11 1.16 2.40 KA1

Including 238.9 239.0 0.15 0.14 0.75 1 0.04 0.83 KA1

Including 239.0 239.8 0.75 0.68 125.40 12 0.13 125.75 KA1

Including 239.8 241.0 1.25 1.13 0.26 1 0.05 0.35 KA1

Including 241.0 241.1 0.10 0.09 29.83 12 0.62 30.92 KA1

KRDD0005 241.7 242.7 1.00 0.98 0.84 4 0.18 1.17 Splay

KRDD0005 285.3 290.2 4.90 4.83 0.03 1 0.01 0.05 KN1

Including 285.3 286.0 0.70 0.69 0.02 2 0.02 0.08 KN1

Including 286.0 287.7 1.70 1.67 0.01 1 0.01 0.03 KN1

Including 287.7 288.6 0.85 0.84 0.03 1 0.01 0.04 KN1

Including 288.6 290.2 1.65 1.62 0.04 1 0.01 0.06 KN1

KRDD0005 376.4 378.4 2.05 0.87 0.01 1 0.01 0.02 KN2

Including 376.4 377.1 0.70 0.30 0.01 1 0.01 0.03 KN2

Including 377.1 378.4 1.35 0.57 0.01 1 0.01 0.02 KN2

KRDD0005 451.8 455.9 4.05 3.81 0.51 6 0.09 0.72 KA2

Including 451.8 452.0 0.20 0.19 5.03 35 0.12 5.66 KA2

Including 452.0 452.4 0.35 0.33 0.46 10 0.33 1.10 KA2

Including 452.4 452.8 0.45 0.42 0.02 2 0.16 0.30 KA2

Including 452.8 453.0 0.20 0.19 1.07 6 0.08 1.27 KA2

Including 453.0 453.6 0.60 0.56 0.12 1 0.01 0.15 KA2

Including 453.6 454.5 0.90 0.85 0.02 1 0.00 0.04 KA2

Including 454.5 455.3 0.75 0.70 0.25 3 0.06 0.39 KA2

Including 455.3 455.9 0.60 0.56 0.64 13 0.15 1.03 KA2

KRDD0005 501.8 502.0 0.20 0.15 3.43 12 0.31 4.06 KA3

KRDD0006 123.5 125.2 1.70 0.98 5.16 1 0.01 5.18 Splay

KRDD0006 221.2 224.1 2.95 2.09 0.86 17 3.00 5.66 Splay

KRDD0006 236.6 241.5 4.95 4.49 1.50 15 1.26 3.61 HWS

Including 236.6 237.5 0.90 0.82 1.34 33 3.04 6.41 HWS

Including 237.5 237.7 0.20 0.18 0.19 10 0.18 0.59 HWS

Including 237.7 238.4 0.70 0.63 5.77 47 4.66 13.50 HWS

Including 238.4 238.8 0.45 0.41 0.59 8 0.23 1.04 HWS

Including 238.8 240.0 1.20 1.09 1.16 3 0.04 1.26 HWS

Including 240.0 241.0 0.95 0.86 0.15 3 0.03 0.23 HWS

Including 241.0 241.2 0.20 0.18 1.01 2 0.02 1.07 HWS

Including 241.2 241.5 0.35 0.32 0.36 2 0.02 0.41 HWS

KRDD0006 300.3 303.5 3.20 2.45 17.50 20 0.34 18.28 KA1

Including 300.3 301.9 1.60 1.19 26.58 38 0.66 28.07 KA1

Including 301.9 302.9 1.05 0.80 0.21 1 0.01 0.24 KA1

Including 302.9 303.5 0.60 0.46 24.32 5 0.10 24.53 KA1

KRDD0006 311.6 312.6 1.00 0.87 2.69 3 0.24 3.10 Splay

Table 2 - Kainantu Gold Mine – Collar Locations for Karempe Diamond Drilling

Hole_ID Easting

(AGD66)

Northing

(AGD66)

Easting

(Local)

Northing

(Local) mRL Bearing

(AMG)

Bearing

(Local) Inclination Depth (m)

KRDD0001 374394 9317668 29221.01 59102.34 1650 22 67 -55 500.3

KRDD0002 374408 9317660 29225.25 59086.78 1658 76 121 -55 550.9

KRDD0003 374394 9317668 29221.01 59102.34 1650 31 76 -69 560.4

KRDD0004 374408 9317660 29225.25 59086.78 1658 76 121 -63 525.4

KRDD0005 374394 9317669 29221.71 59103.05 1653 56 101 -55 539.7

KRDD0006 374408 9317660 29225.25 59086.78 1658 51 96 -68 335.7

(1) Gold Equivalent in Table 1 uses copper price of US$ 3.05/lb; silver price of US$16. 05/oz and gold price of

US$1,400/oz.

Table 3 – Global Kora Mineral Resource (Effective Date April 2, 2020)

Tonnes Gold Silver Copper AuEq

mt g/t moz g/t moz % kt g/t moz

Measured 0.66 13.34 0.28 11.6 0.25 0.51 3.4 14.14 0.3

Indicated 2.47 8.44 0.67 16.3 1.29 0.63 15.6 9.46 0.8

Total M&I 3.13 9.47 0.95 15.3 1.54 0.61 19 10.45 1.1

Inferred 12.67 7.32 2.98 19.9 8.11 1.1 139.4 9.01 3.7

• Mineral Resource Estimate is included in a technical report titled, “Independent Technical

Report, Mineral Resource Estimate Update and Preliminary Economic Assessment for

Expansion of the Kainantu Mine to Treat 1 Mtpa from the Kora Gold Deposit, Kainantu

Project, Papua New Guinea” with an effective date of April 2, 2020.

• The Independent and Qualified Person responsible for the Mineral Resource Estimate is

Simon Tear, P.Geo. of H & S Consultants Pty. Ltd., Sydney, Australia.

• Mineral Resources are not Mineral Reserves and do not have demonstrated economic

viability.

• Resources were compiled at 1,2,3,4,5,6,7,8,9 and 10 g/t gold cut-off grades.

• Density (t/m3) is on a per zone basis, K1 and Kora Link: 2.84 t/m3; K2: 2.93 t/m3; Waste:

2.8 t/m3

• Reported tonnage and grade figures are rounded from raw estimates to reflect the order

of accuracy of the estimate.

• Minor variations may occur during the addition of rounded numbers.

• Calculations used metric units (metres, tonnes and g/t)

• Gold equivalents are calculated as AuEq = Au g/t + ((0.923 x Cu%)*1.38)+ ((0.77 x Ag

g/t*0.0115). Gold price US$1,400/oz; Silver US$16.05/oz; Copper US$3.05/lb. Metal

payabilities and recoveries are incorporated into the AuEq formula. Recoveries of 92.3%

for copper and 77% for silver.

Qualified Person

K92 mine geology manager and mine exploration manager, Andrew Kohler, PGeo, a qualified

person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for

Mineral Projects, has reviewed and is responsible for the technical content of this news release.

About K92

K92 Mining Inc. is engaged in the production of gold, copper and silver from the Kora deposit at

the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as

exploration and development of mineral deposits in the immediate vicin ity of the mine. The

Company declared commercial production from Kainantu in February 2018 and is in a strong

financial position.

The Company commenced an expansion of the mine based on an updated Preliminary Economic

Assessment on the property which was published in January 2019 and updated in July 2020. K92

is operated by a team of mining company professionals with extensive international mine-building

and operational experience.

On Behalf of the Company,

John Lewins, Chief Executive Officer and Director

For further information, please contact David Medilek, P.Eng., CFA at +1-604-687-7130.

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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news

release includes certain “forward -looking statements” under applicable Canadian securities

legislation. Forward-looking statements are necessarily based upon a number of estimates and

assumptions that, while considered reasonable, are subject to known and unknown risks,

uncertainties, and other factors which may cause the actual results and future events to differ

materially from those expressed or implied by such forward -looking statements. All statements

that address future plans, activities, events, or developments that the Company believes, expects

or anticipates will or may occur are forward-looking information, including statements regarding

the realization of the preliminary economi c analysis for the Kainantu Project , expectations of

future cash flows, the planned plant expansion, production results, cost of sales, sales of

production, potential expansion of resources and the generation of further drilling results which

may or may not occur. Forward-looking statements and information contained herein are based

on certain factors and assumptions regarding, among other things, the market price of the

Company’s securities, metal prices, exchange rates, taxation, the estimation, timing an d amount

of future exploration and development, capital and operating costs, the availability of financing,

the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment

or processes to operate as anticipated, accide nts, labour disputes, claims and limitations on

insurance coverage and other risks of the mining industry, changes in national and local

government regulation of mining operations in PNG , mitigation of the Covid -19 pandemic,

continuation of the lifted state of emergency, and regulations and other matters. There can be no

assurance that such statements will prove to be accurate, as actual results and future events could

differ materially from those anticipated in such statements. Accordingly, readers should not place

undue reliance on forward-looking statements. The Company 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.

Figure 1 – Kainantu Vein Field plan view, showing location of the Karempe vein system relative

to Kora and Judd vein systems plus Karempe drill traces and rock chip sampling.

← Back to feed