Prime Mining Q2 2022 Update on Exploration, Report to Shareholders and AGM Results

VANCOUVER, British Columbia, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime”, or the “Company”) (TSX.V: PRYM) (OTCQB: PRMNF) (Frankfurt: O4V3) is pleased to report its operating and financial results for the second quarter of fiscal 2022, ended October 31, 2021. Unless otherwise stated, all amounts are presented in Canadian dollars.

Prime is focused on the exploration and development of its wholly owned Los Reyes Gold-Silver Project in Sinaloa State, Mexico (“Los Reyes” or the “Project”).

Corporate Highlights During the Quarter

On August 30^th, the Company reported the exercise of 19,040,256 common share purchase warrants issued in August of 2019 resulting in gross proceeds of $ 9.52 million.

On September 27^th, Prime appointed Ms. Edie Hofmeister to the board as an independent director. Ms. Hofmeister brings tremendous strength and wealth of knowledge in ESG matters and governmental affairs. She is an attorney who has counselled large and small multinational resource companies on legal and ESG matters for over 20 years. Most recently, she served as executive vice-president, corporate affairs, and general counsel of Tahoe Resources Inc., where she headed the legal, sustainability and government affairs departments, as it moved from a small junior explorer to a mid-cap producer.

In addition, Mr. Scott Smith was appointed as Executive Vice President, Exploration, replacing Kerry Sparkes who remains active with the Company as a Senior Technical Advisor and supports Scott who will now lead exploration in our quest to continue the discovery process. Mr. Smith is a registered professional geologist, a qualified person and has over 25 years of experience in mine production, exploration, mine start-up and advanced projects at world-class operating mines, and brownfield and greenfield situations in Canada, the United States, Peru and Chile. Mr. Smith recently worked as chief geologist for Taseko Gibraltar Mines Ltd., where he was responsible for managing geology, geotechnical, dewatering, grade control, reserve reconciliation and conversion, exploration, performance standards, quality assurance/quality control for both production and exploration. Mr. Smith is a highly experienced manager of Latin American exploration and operating teams; his prior positions include exploration manager for Teck Resources Ltd. for Chile and Argentina based in Santiago; exploration manager for Newmont Mining Corp. at Minera Yanacocha in Peru; and senior mine geologist at Antamina Mine in Peru for Compania Minera Antamina SA. Mr. Smith holds a BSc (geology) from the University of Alberta.