RIVI Releases Second Tranche of Financing Early, US$2,500,000 to PPX
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NEWS RELEASE TSX.V PPX; BVL PPX; SSE PPX
RIVI Releases Second Tranche of Financing Early, US$2,500,000 to PPX
Vancouver, British Columbia – November 27, 2017 – PPX Mining Corp. (the "Company" or “PPX”)
is pleased to announce that RIVI Capital LLC (“RIVI”) has delivered the second tranche of their planned
funding to PPX in the amount of US$2,500,000. After a detailed review of the rapid progress with
underground mine development and the positive results of the bulk sampling program at Mina
Callanquitas, RIVI has concluded that the project is sufficiently derisked for them to waive the remaining
milestones and provide PPX with the second tranche.
John C. Menzies, Mana ging Partner, RIVI Capital LLC , commented: “Our review of operations and
results to date at Mina Callanquitas gives us great confidence in PPX’s ability to successfully complete its
test mining and bulk sampling program. Gold and silver g rades of both bul k samples and underground
channel samples have exceeded expectations, the rate of mine development has consistently increased on
a month-to-month basis, and the Company continues to make good progress on it s Pre Feasibility Study
(“PFS”). RIVI elected to disburse the second tranche of it’s funding in order to insure that PPX has all
the financial tools needed to complete the PFS and make a production decision. We look forward to
continued positive results from the Company”.
Brian J. Maher, President and C EO, PPX Mining Corp., further commented: “The release of the second
tranche of funding by RIVI is a resounding endorsement of our test mining program and demonstrates the
confidence that RIVI has in our ability to achieve our corporate goals. For our shareholders, we now have
US$2.5M in non-dilutive capital at our disposal to complete our test-mining program and meet any future
capital needs for a C ompany-owned processing plant. PPX is on track to achieve a bulk sampling rate of
150 tonnes/day by the end of 2017 , allowing us to evaluate stoping methods under real -life mining
conditions.”
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 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. 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 gr owth 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
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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 ounc es 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 Ge ologist 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, 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 be lieves 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 stateme nts. 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 approv als 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.