Prime Mining Provides Update On Plans And Operations In Response To Covid-19

VANCOUVER, British Columbia, March 19, 2020 (GLOBE NEWSWIRE) -- Andrew Bowering, CEO of Prime Mining Corp. (TSX.V:PRYM) (OTCQB: PRMNF) (Frankfurt:A2PRDW) (“Prime” or the “Company”), in response to volatility in capital markets provides the following update on current operations and plans of the Company.

Prime has taken actions to minimize the risks of the Covid-19 virus, both to employees and people interacting with the Company’s programs and activities. Although there are no known or suspected cases of the virus reported at any of the Company’s workplaces in Canada, USA or Mexico, Prime is following government health protocols and is closely monitoring its activities.

Executive Chairman Daniel Kunz comments, “Prime Mining is providing this update on the impact of unprecedented global events on Prime’s operations and business opportunities.  Human health and safety comes first in our world of mineral exploration and mining.  Now we extend that concern to our homes, members of our communities and people around the globe. My fellow directors and management of Prime join me in extending our sincere wishes that you, your families and communities stay safe and healthy.”

Prime Mining is continuing to advance the Los Reyes Gold/Silver Project as follows:

• A new NI 43-101 compliant mineral resource estimate for the Los Reyes Gold/Silver project, by Stantec Engineering, is on track to be released the last week of March;
• Ongoing work continues with the surface and underground sampling program;
• Permitting for new road construction, proposed drilling and other related exploration; and,
• Engineering and planning for a proposed 15,000 metre drilling and trenching program.   

In early March, Prime’s permitting consultants made application to the Secretariat for the Environment and Natural Resources (“SEMARNAT”) to ready the Company to build new access roads and open up areas of Los Reyes for a planned drilling and trenching program. Prime Mining is currently funded to maintain its current surface program and other operations for several months.

The Los Reyes Gold-Silver Project is an overlooked, underexplored epithermal gold-silver project in a prolific mining region of Mexico. Over $20 million in exploration and engineering has already been spent on the project over 2 1/2 decades. Previous operators completed various prefeasibility studies and plans yet held back from development due to declining gold prices. Work that has been completed has provided sufficient understanding of existing resources to allow Los Reyes to be fast-tracked to production. However, Los Reyes holds gold and silver exploration optionality. It is a large epithermal system with the bulk of work being conducted over less than 40% of the known structures leaving significant opportunity to expand known resources.