PPX Processes 1,572 tonnes of Bulk Sample Grading 10.23 gpt Au at Mina Callanquitas during December 2017
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NEWS RELEASE TSX.V PPX; BVL PPX; SSE PPX
PPX Processes 1,572 tonnes of Bulk Sample Grading 10.23 gpt Au at Mina
Callanquitas during December 2017
Vancouver, British Columbia – February 1, 2018 – PPX Mining Corp. (the "Company" or “PPX”) is
pleased to announce that over 1,572 tonnes of bulk sample grading 10.23 gpt gold were mined and
processed during the month of December 2017. Together with stockpiled “low -grade” ma terial, the
Company mined a total of 3,147 tonnes of bulk sample during the month , a rate of approximately 102
tonnes/day. Heavy rainfall partially impacted operations, however a bulk sampling rate of 150 tonnes/day
was achieved over the majority of the mo nth. In addition, over 228 metres of lateral development were
completed during the month in order to maintain the bulk sampling rate to 150 tonnes/day in January
2018. T he Company’s mining partner Proyectos La Patagonia S.A.C. (“ PLP”) provided the C ompany
with a detailed report on operations at Mina Callanquitas for December 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 December include:
During the month of December 2017, PLP reports that sixty-four truckloads containing 1,532
tonnes of gold mineralized rock were shipped to the Malin Plant of Silver Cascas S.A.C. (“Silver
Cascas”) during the December operating period . The average gold grade of the mineralized
material was 10.23 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 71.0 to 90.0%, consistent with gold recoveries observed in previous
bulk samples . Approximately 1,575 tonnes of “lower grade” mineralized rock containing
approximately 4.0 gpt gold were added to the mine stockpile for future processin g. Since the
inception of the test mining program, PPX has bulk sampled over 12,737 tonnes of mineralized
material from the previously defined Inferred Resource at Mina Callanquitas. Mineral resources
are not mineral reserves and do not have demonstrated e conomic viability. There is no certainty
that all or any part of the mineral resource will be converted into mineral reserves.
PLP also completed over 228 metres of lateral development during the month of December. This
development was planned in order to maintain the bulk sampling rate during January and
February 2018. 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 t he Mina Callanquitas Pre-Feasibility Study (“ PFS”) that is expected to be
completed in calendar Q1 2018.
The information in this press release and the test -mining/bulk sampling program do not represent a
decision by the Company to commence commercial prod uction at the Igor Project. The test-mining/bulk
sampling program is designed to gather the required data to produce an accurate economic evaluation in
the PFS.
Brian J. Maher, President and CEO of PPX Mining commented: “ December 2017 bulk sampling result s
contain the highest gold grades mined to date at Mina Callanquitas. Heavy rainfall partially impacted
bulk sample shipments, however we achieved a sampling rate of 150 tonnes/day for a majority of the
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month. We remain on schedule for completing the Mina Callanquitas PFS in calendar Q1 2018 and
understanding the full value of the mine and the overall Igor Project.”
About PPX Mining Corp: PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, BVL: PPX) is a Canadian -
based exploration and development company with asse ts 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 explore 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. Simultaneous ly, 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 explora tion 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 define d in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain disclosure in this release, ma y
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
subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expr essed
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 sta tements will prove to be
accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are
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cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and exp ressly 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.