K92 Mining Provides Operations Update

VANCOUVER, British Columbia, March 19, 2024 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQB: KNTNF) announces that underground operations at the Kainantu Gold Mine have been temporarily suspended after a non-industrial incident occurred on the Company’s mining lease on March 10, 2024, resulting in a deceased employee. Processing operations were temporarily suspended for three days and have resumed processing stockpiles.

Preliminary findings from K92 and the Royal Papua New Guinea Constabulary (Police) have concluded that the death is a non-industrial suspicious incident. K92 is working with the relevant Government authorities under the Criminal Code Act and Mining (Safety) Act to support their investigations.

On March 13, 2023, the Mineral Resources Authority (“MRA”) ordered a temporarily suspension of underground operations through issuance of a “Form 29”, pending the completion of action orders in relation to an independent safety audit and the installation of a collision avoidance system. Work on these action orders is underway and were in process by the Company prior to the issuance of the action orders.

Given the non-industrial nature of the incident, procedural, determination and jurisdictional breaches of the Mining (Safety) Act in issuing the Form 29, K92 filed an appeal on March 14, 2023 and expects this to be addressed shortly.

The Company is working to resolve this expeditiously and will be providing an update in due course.

About K92

K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018 and is in a strong financial position. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.

On Behalf of the Company,

John Lewins, Chief Executive Officer and Director

For further information, please contact David Medilek, P.Eng., CFA, President and Chief Operating Officer at [phone]

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive Feasibility Study, and the Kainantu 2022 Preliminary Economic Assessment, including the Stage 3 Expansion, a new standalone 1.2 mtpa process plant and supporting infrastructure; (ii) statements regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4 Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs; and (iv) the potential extended life of the Kainantu Mine.