PPX Processes 1,418 tonnes of Bulk Sample Grading 9.20 gpt Au at Mina Callanquitas during October 2017
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NEWS RELEASE TSX.V PPX; BVL PPX; SSE PPX
PPX Processes 1,418 tonnes of Bulk Sample Grading 9.20 gpt Au at Mina
Callanquitas during October 2017
Vancouver, British Columbia – November 21, 2017 – PPX Mining Corp. (the "Company" or “PPX”)
is pleased to announce that over 1,418 tonnes of bulk sample grading 9.20 gpt gold were mined and
processed during the month of October 2017. Together with stockpiled “low-grade” material, the
Company mined a total of 1,843 tonnes of bulk sample during the month, a rate of approximately 70
tonnes/day. In addition, over 300 metres of lateral development were completed during the month in
order to increase the bulk sampling rate in November and December. The Company’s mining partner
Proyectos La Patagonia S.A.C. (“PLP”) provided the Company with a detailed report on operations at
Mina Callanquitas for October 2017 as part of our systematic test mining and bulk sampling program to
evaluate the potential commercial development of the Callanquitas gold and silver resource. Highlights
of the operational results for October include:
• During the month of October 2017, PLP reports that fifty-six truckloads containing 1,418 tonnes
of gold mineralized rock were shipped to the Malin Plant of Silver Cascas S.A.C. (“Silver
Cascas”) during the October operating period. The average gold grade of the mineralized material
was 9.20 gpt gold, which is higher than the life-of-test mining average grade of 8.33 gpt gold,
reflecting the bulk sampling of higher grade portions of the Callanquitas Resource. Gold
recoveries from processing the mineralized rock at the Silver Cascas processing plant ranged
from 74.0 to > 88.0%, consistent with gold recoveries observed in previous bulk samples.
Approximately 425 tonnes of “lower grade” mineralized rock containing approximately 5.0 gpt
gold were added to the mine stockpile for future processing. Since the inception of the test mining
program, PPX has mined over 7,805 tonnes of mineralized material from the previously defined
Inferred Resource at Mina Callanquitas. 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 remains on target to achieve our
goal of mining 150 metric tonnes/day of bulk sample by the end of calendar Q4 2017.
• The Company has engaged geotechnical and hydrologic consultants to gather data needed for the
Mina Callanquitas Prefeasibility Study (“PFS”). Data on surface and underground hydrology is
required in the PFS as is specific and detailed data on rock mechanics. The consultants will
complete their work by the end of December 2017. PPX also completed over 300 metres of
lateral development during the month of October. This development was planned in order to
accommodate the increase in bulk sampling rate during November and December 2017. It is
important for the Company to test stoping methods under real-life mining conditions, i.e. 150
tonnes/day, in order to evaluate mining costs and suitability for future production in the PFS. The
PFS is expected to be completed in calendar Q1 2018.
Brian J. Maher, President and CEO of PPX Mining commented: “PPX mined and processed higher grade
bulk samples during the month of October as the bulk sampling program tested new gold and silver
mineralized zones within the Callanquitas Resource. Mine development remains on track for achieving a
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150 tonnes/day bulk sampling rate by the end of 2017 and, very importantly, on schedule for completing
the Mina Callanquitas PFS in calendar Q1 2018.”
About PPX Mining Corp: PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, BVL: PPX) is a Canadian -
based exploration and development 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 pursuing a two -prong strategy to further develop and expl ore the Igor
Project. The Company has begun work on its underground test mining and bulk sampling program which
is designed to upgrade the resource estimate and generate data to evaluate the possibility of future mine
development at Igor through the PFS process. To date, PPX has processed over 7,805 tonnes of bulk
sample averaging 8.33 gpt gold. Simultaneously, PPX is accelerating its exploration program at Igor in
order to fully evaluate the resource potential of the entire Igor project area. The Callanquitas Structure is
open along strike and at depth. Parallel structures are unexplored and, coupled with the Domo and
Tesoros areas; these drill targets highlight the exploration potential at Igor. Evaluating mine development
alternatives in parallel with exploration drilling provide dual catalysts for growth and increasing
shareholder value.
Previous exploration on the Callanquitas Structure discovered a significant Inferred gold and silver
resource: 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 grade 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, amended September 27, 2013, available on the Company’s website 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.
All scientific and technical information 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.
Brian J. Maher, President and Chief Executive Officer
Phone: 1-530-913-4728
Email: [email protected]
Website: www.ppxmining.com
Cautionary Statement:
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. Certain disclosure in this release , 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. However, the forward-looking statements in this release are
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subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those exp ressed
or implied in such forward-looking statements. Such uncertainties and risks are detailed from time to time in the Company's
filings with the appropriate securities commissions, and may include, among others, market conditions, and delays in obtaining or
failure to obtain required regulatory approvals or financing. There can be no assurance that such statements 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 expressly 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.