19:04:03 EST Mon 30 Jan 2023
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Prime Mining Corp
Symbol PRYM
Shares Issued 112,693,205
Close 2022-08-16 C$ 2.06
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Prime Mining appoints Hicks as EVP

2022-08-17 12:22 ET - News Release

Mr. Daniel Kunz reports

PRIME MINING ANNOUNCES APPOINTMENT OF NEW EXECUTIVE

Prime Mining Corp. has appointed Scott Hicks as executive vice-president. Among other responsibilities, Mr. Hicks will assume day-to-day charge over the company's marketing, communications and business development activities. Andrew Bowering continues as an executive adviser to the company and remains a member of the board of directors.

Chief executive officer Daniel Kunz commented: "On behalf of the board and management team, we welcome Scott onboard and look forward to working with him to advance our exciting Los Reyes gold-silver project in Mexico. He joins the company as an officer, key executive and team member in our quest to increase the resource size and determine Los Reyes's ultimate potential. Scott has visited the Los Reyes project and is already making valuable observations and contributions to its development."

Mr. Hicks, PEng, CFA, has a degree in mining engineering from Queen's University and a professional designation in finance from the Chartered Financial Analyst Institute. Mr. Hicks has over 20 years of experience in the mining business as a mining executive focused on creating shareholder value through effective strategic planning as well as rigorous financial evaluation and discipline. Experienced in gold mining and base metals operations, he is equally comfortable in highly complex financial or technical problem-solving environments and spent two and a half years living in Indonesia and working at one of the world's largest integrated nickel mining operations.

Mr. Hicks recently worked as senior vice-president, technical services, geology and mine planning, at Kinross Gold Corp., where, amongst other duties, he was responsible for evaluating the geological and resource potential of numerous mineral deposits worldwide.

As a signing bonus for Mr. Hicks, the company will grant, subject to acceptance by the TSX Venture Exchange, 400,000 restricted share units (RSUs) to Mr. Hicks that will vest in equal tranches on the first, second and third anniversary of the approval date. After the first anniversary, if the company's share price reaches a 30-day volume-weighted average price of $3 for the second third of unvested RSUs and $4 for the final third of unvested RSUs, then the remaining vesting shall be accelerated and the respective RSUs shall become vested on the last day of the appropriate 30-day period. In addition, the company's board of directors has approved the granting of 875,000 incentive stock options, exercisable at the price of $2.05 per share for a term of five years, which will vest one-third after six months, one-third after 12 months and one-third after 18 months from the date of grant, to management of the company, including Mr. Hicks. The granting of the stock options is in accordance with the company's option plan but is subject to acceptance by the TSX Venture Exchange.

Los Reyes gold and silver project

Los Reyes is a rapidly evolving high-grade, low-sulphidation epithermal gold-silver project located in Sinaloa, Mexico, within the prolific Sierra Madre mining region. Historic operating results indicate that an estimated one million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime's acquisition, recent operators of Los Reyes had spent approximately $20-million (U.S.) on exploration, engineering and prefeasibility studies. The project remains underexplored as only 40 per cent of the known structures have been systematically drilled, leaving 10 kilometres of untested strike length. Los Reyes holds potential for additional discovery and resource expansion.

Since acquiring Los Reyes in 2019, Prime has spent approximately $30-million (U.S.) on direct exploration activities and is nearing completion of two phases of comprehensive drilling totalling over 87,000 metres and growing. Results to date suggest the eight known deposits are much larger than previously reported and potential exists for new discoveries outside of current defined resource areas.

About Prime Mining Corp.

Prime Mining is an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators focused on unlocking the full potential of the high-grade Los Reyes gold-silver project in Mexico. Prime Mining has a well-planned capital structure with significant team and insider ownership.

We seek Safe Harbor.

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