PPX Announces Changes to Senior Management
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NEWS RELEASE TSX.V PPX; BVL PPX
PPX Announces Changes to Senior Management
Vancouver, British Columbia – August 31, 2022 – PPX Mining Corp. (the " Company " or “ PPX ”)
announces the resignation of Mr. Brian Maher as Chi ef Executive Officer and director of PPX and the
appointment of Dr. John Thomas as its Interim Chief Executive Officer of PPX effective immediately. Dr.
Thomas has over 49 years of experience in the minin g industry. He is currently a Board member of PPX
and has wide experience, including process developm ent, engineering, project management, mine
management and has held several company executive p ositions. Dr. Thomas holds a Ph.D. in chemical
engineering and is a registered professional engineer in British Columbia.
Brian Imrie, Chairman of PPX commented: “We are del ighted to have John Thomas as Interim CEO of
PPX. John brings many years of extensive experience in management of mining operations that will allow
the Company to further advance with its current obj ectives. We thank Brian Maher for his contribution to
PPX and wish him luck in his future endeavours”.
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, BVL: PPX) is a Canadian-based mining company with
assets in northern Peru. Igor, the Company’s 100%- owned flagship gold and silver project, is located in
the prolific Northern Peru gold belt in eastern La Libertad Department. PPX is operating the Callanquitas
Mine (“Mina Callanquitas”) exploiting high grade, u nderground-minable oxidized gold and silver ore.
Based on the Company’s Pre-Feasibility Study (“PFS” ), PPX expects the Callanquitas Mine to produce up
to 26,000 AuEq* ounces per year over a seven-year m ine life at cash cost of less than US$610/AuEq*
ounce (the Igor PFS is available on the Company’s website and SEDAR). Increasing metal prices and mine
productivity, coupled with superior toll milling co ntracts, have all contributed to the increasing rev enue
derived from operations at Mina Callanquitas. It sh ould be noted that the decision to commence mining
operations at Mina Callanquitas is based solely on the PFS referenced above, not a feasibility study. As
such, there is an increased uncertainty as to the s pecific economic outcome of the project and a simil ar
increase in the technical risk of failure associated with a production decision based solely on the PFS.
*AuEq is calculated as follows: AuEq ounces = Au ounces + Ag ounces/75. Per PFS, inclusive of metallurgical recovery.
Through Fiscal Q2 2022, Mina Callanquitas has produced over 174,099 tonnes of ore grading 9.65 gpt gold
and 97.5 gpt silver resulting in the production of 53,519 ounces of gold and 500,525 ounces of silver from
the Mineral Reserves and Measured and Indicated Res ource at Mina Callanquitas as defined in the Igor
PFS. The mine currently produces at a rate of appro ximately 134 tonnes/day with ore being processed at
nearby toll milling facilities.
All scientific and technical information in this pr ess release has been reviewed and approved by Quent in
Browne M.Sc., a Certified Professional Geologist and a member of the American Institute of Professional
Geologists and is a Qualified Person as the term is defined in NI 43-101. Mr. Browne is an independent
consultant of PPX Mining Corp.
Page 2
On behalf of the Board of Directors
Brian Imrie
Chairman
880 - 580 Hornby Street
Vancouver, British Columbia
V6C 3B6
604-639-3880
Cautionary Statement:
This press release contains forward-looking informa tion and forward-looking statements (collectively, “ forward-looking statements ”) as such
terms are defined by applicable securities laws, in cluding, but not limited to statements regarding th e resumption of trading on the Exchange.
Forward-looking statements are statements that rela te to future events. In this context, forward-looking statements often address e xpected future
business and financial performance and often contain words such as "anticipate," "believe," "plan," "estimate," "expect," and "intend,", statements
that an action or event "may," "might," "could," "should," or "will" be taken or occur, or other similar expressions. Forward-looking statements are
subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s
control, and the Company’s actual results could dif fer materially from those stated or implied in forward-looking statements due to many various
factors. Such uncertainties and risks include, amon g others, delays in obtaining or inability to obtai n required regulatory approvals in connection
with the resumption of trading on the Exchange; risks associated with the mining industry (including operational risks in exploration development
and production); delays or changes in plans with re spect to exploration or development projects or cap ital expenditures. Although the Company
believes that the expectations reflected in the for ward-looking statements are reasonable, the Company cannot guarantee that the e vents and
circumstances reflected in the forward-looking statements will be achieved or occu r. The timing of events and circumstances and actual results
could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward-
looking statements. All forward-looking statements contained in this press release are made as of today’s date, and the Company undertakes no
obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless
required by law.