PPX Operational Results for Mina Callanquitas for December 2016
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NEWS RELEASE TSX.V PPX; BVL PPX
PPX Operational Results for Mina Callanquitas for December 2016
Vancouver, British Columbia – January 18, 2017 – PPX Mining Corp. (the "Company" or “PPX”) is
pleased to announce that the Company’s mining partner Proyectos La Patagonia S.A.C. (“ PLP”) has
provided the company with a report of operations at Mina Callanquitas for the month of December 2016 .
PLP is developing Mina Callanq uitas for the Company as part of a systematic test mining and bulk
sampling program to evaluate the potential commercial development of the Callanquitas gold and silver
resource. Highlights of the December operations update include:
A total of 121 metres of ramps, sublevel ramps, and galleries were completed on the 3440 and
3390 levels of Mina Callanquitas. The majority of this work was focused on the sublevel ramp
on the 3445 level, developing the gallery (stope) on sublevel eight (approximately 3441 le vel),
and an additional sublevel ramp connecting sublevels three and four (3410 level). This
development work will facilitate future stoping in these areas and access to gold resource blocks
identified by previous surface diamond drilling. Stoping took pl ace on sublevel five , 3430 level.
During December PLP focused on development in order to facilitate higher stoping rates during
calendar Q1 2017 when the bulk-sampling program is scheduled to accelerate.
PLP reports that twenty -two truckloads containing 3 30 tonnes of gold mineralized rock were
shipped to the Malin Plant of Silver Cascas S.A.C. (“Silver Cascas”) during the month of
December. The reduced tonnage of mineralized material was anticipated as PLP concentrated on
mine development during the month and also a reduced work schedule due to the holiday season.
The average gold grade of the mineralized material was higher than reported for November,
ranging in grade from 5.01 to 11.02 gpt gold and averaged 7.93 gpt gold, the grade anticipated in
the mine plan. Gold recoveries from processing the mineralized rock at Silver Cascas processing
plant ranged from 70.0 to 84.0% with the last six truckloads shipped during the month (104
tonnes grading 10.81 gpt gold) averaging 83% gold recovery, approaching the average gold
recoveries reported in previously completed metallurgical testing (88%, please see press release
dated May 19, 2015).
Brian J. Maher, President and CEO of PPX Mining commented: “ With the completion of over 120 linear
metres of underground development at Mina Callanquitas during December, the test mining and bulk
sampling program remains on target for accelerated bulk -sampling rates in calendar Q1 2017. We are
encouraged by the consistent high gold grade of mineralized rock that is being de livered to the Silver
Cascas plant and gold recoveries that are nearing the values projected by earlier metallurgical testing.
Simultaneously, the Company is in the process of obtaining the permits needed to commence surface
diamond drilling at the Igor Project. We look forward to the resumption of surface drilling, targeting gold
and silver resource expansion, in the months ahead”
About PPX Mining Corp.: PPX Mining Corp. (PPX: TSX.V; BVL) is currently exploring and evaluating
mine development opportunit ies at its Igor Mine Project in Northern Peru. The Igor project explores
several high grade, gold and silver mineralized high -angle structures that host significant gold and silver
resources. The Callanquitas Structure at the Igor Project contains Inferre d gold and silver resources of
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7,189,000 tonnes grading 1.94 gpt gold and 71.8 gpt silver containing 448,500 ounces of gold and
16,600,000 ounces of silver at a cutoff grade of 1.5 gpt gold equivalent. Included within this resource
estimate is a higher gr ade zone consisting of 2,730,000 tonnes grading 2.73 gpt gold and 119.1 gpt silver
containing 239,400 ounces of gold and 10,500,000 ounces of silver using a 3.0 gpt gold equivalent cutoff
grade (Please see Technical Report as amended on September 27, 2013 entitled “Technical Report on the
Callanquitas Structure, Igor Mine Project, Northern Peru, South America”, available on the Company’s
web site or SEDAR). Mineral resources are not mineral reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the mineral resource will be converted into mineral
reserves. The Company has begun work on its underground test mining and bulk sampling program
which is designed to validate and upgrade the resource estimate, and generate data to evaluate the
possibility of future mine development at Igor. The Company is accelerating its exploration program at
Igor in order to fully evaluate the resource potential of the entire Igor project area.
All scientific and technical informa tion in this press release has been reviewed and approved by Quentin
J. Browne, P.Geo., Independent Consulting Geologist to PPX Mining Corp. , who is a qualified person
under the definitions established by National Instrument 43-101.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
PPX Mining Corp.
Kimberly Ann Arntson, Chief Financial Officer and Vice President - Corporate Development
Phone: 1-530-414-4400
Email: [email protected]
Website: www.ppxmining.com
Cautionary Statement:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defi ned in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain disclosure in this release, including statements regarding the terms of the private placement, the possible
completion of the p rivate placement and the intended use of proceeds from the private placement, may constitute
"forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of
1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has
applied certain factors and assumptions that the Company believes are reasonable, including that the Company is
able to obtain any required regulatory approvals to complete the Company’s pla nned private placement, that the
Company is able to complete the private placement, and that the Company will be able to use the proceeds from the
private placement as intended. However, the forward -looking statements in this release are subject to numerou s
risks, uncertainties and other factors that may cause future results to differ materially from those expressed or
implied in such forward -looking statements. Such uncertainties and risks are detailed from time to time in the
Company's filings with the ap propriate securities commissions, and may include, among others, that the private
placement will not complete, market conditions, and delays in obtaining or failure to obtain required regulatory
approvals or financing. There can be no assurance that such s tatements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such statements. Readers are cautioned not to
place undue reliance on forward -looking statements. The Company does not intend, and e xpressly 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.