K92 Mining Inc. Achieves Record Gold Equivalent Production of 26,847 Oz From Kainantu Gold Mine in Second Quarter

• Q2 production achieved a record of 25,762 oz of gold, 531,406 lbs copper and 10,867 oz silver for a total of 26,847 gold equivalent (“AuEq”) oz, a 37% increase from Q2 2019.
   
• Record tonnage of 49,311 tonnes treated in Q2 2020, a 30% increase from Q2 2019. Positive grade reconciliation versus resource model, with gold head grade of 17.64 g/t gold and copper at 0.54%.
   
• Surface exploration recommenced by end of Q2 following lifting of State of Emergency, with three surface diamond drill rigs again operating on two targets in addition to the three underground diamond drill rigs.
   
• Financial position remains strong, balance sheet has strengthened during the COVID-19 pandemic and on June 16, Papua New Guinea lifted the COVID-19 State of Emergency (“SOE”) resulting in a further easing of some restrictions.

VANCOUVER, British Columbia, July 06, 2020 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT; OTCQX: KNTNF) is pleased to announce production in the second quarter (“Q2”) of 26,847 oz AuEq at its Kainantu Gold Mine in Papua New Guinea.

During Q2, K92 produced 25,762 ounces of gold, 531,406 pounds of copper and 10,867 ounces of silver, or 26,847 AuEq oz (based on a gold price of US$1,500/oz; silver price of US$17.75/oz; copper price of US$2.70/lb). The quarter also achieved record mill throughput of 49,311 tonnes, despite lower running time associated with the COVID-19 State of Emergency and other production impacts, with multiple daily mill throughput records exceeding 700 tonnes.

Mining operations in Q2 focused on Kora’s K1 and K2 veins and comprised of development tonnes on the K1 vein on five levels, K1 vein long hole stoping (modified AVOCA method) on the 1205 mRL level, K2 vein development tonnes from the 1170 mRL level and K2 vein long hole stoping (modified AVOCA method) on the 1185 mRL level. Importantly, Q2 marked the first full quarter of long hole stoping, which commenced in March 2020 on the K1 vein. To date, long hole stoping has performed to design and has provided a notable positive impact on operational flexibility. Long hole stoping is planned to increase through 2020.