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Prime Mining Announces Financial Results

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VANCOUVER, British Columbia, Aug. 12, 2022 (GLOBE NEWSWIRE) — Prime Mining Corp. (“Prime”, or the “Company”) (TSX.V: PRYM) (OTCQB: PRMNF) (Frankfurt: O4V3) is happy to report its working and monetary outcomes for the three-month interval ending June 30, 2022. Unless in any other case said, all quantities are offered in Canadian {dollars}. Prime is targeted on the exploration and growth of its wholly owned Los Reyes Gold-Silver Project in Sinaloa State, Mexico (“Los Reyes” or the “Project”).

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Prime Chief Executive Officer Daniel Kunz commented, “We are currently into the rainy season at Los Reyes but still have 5 drill rigs operating and already have completed 63,000 metres of drilling in Phase 2, for a total of 88,500 metres Phase 1 and 2 combined.   In July 2022, the Company reported results from eight drill holes at the San Miguel East deposit, which were drilled down dip of the known structure at depth. All eight encountered mineralization with seven of the eight extending mineralization beyond the current historic resource. The southernmost hole, 22SME‐11, with an 18‐metre intercept returning 2.72 gpt Au and 129.8 gpt Ag (16.9 m etw), was intersected outside the previously reported pit‐constrained resource.”

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Corporate Highlights During the Quarter

On May 10th, the Company introduced monetary outcomes for the three-month interval, ending March 31st, 2022. On June 8th, the Company introduced upgrading to commerce on the OTCQX below the image PRMNF

Exploration Highlights During the Quarter

On April 12th, the Company introduced optimistic drill outcomes from 26 drill holes into its Guadalupe East deposit. These holes intercepted the high-grade Estaca, the San Nicolas and the San Manuel epithermal veins in addition to different sub-parallel veins within the system.

On May 2nd, the Company introduced new drill outcomes increasing the Zapote North deposit. These outcomes included 17 new holes focusing on the northern extension of the Z-T Structure, together with 2 holes from the Mariposa deposit. This drilling confirmed that gold-silver mineralization extends from Zapote North to Mariposa.

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On June 1st, the Company introduced 12 new step-out drill holes on the Guadalupe East deposit. Six of those holes high-grade gold and silver mineralization beneath the present pit-constrained useful resource which demonstrated the sturdy potential for near-pit useful resource enlargement.

On June 29th, the Company introduced 20 extra assays from its expanded Phase 2 step-out and infill drilling program on the Tahonitas deposit on the western facet of the venture. These outcomes continued to efficiently establish shallow close to floor mineralization in addition to deeper mineralization right down to 450 metres above sea stage.

Maintaining Health and Safety Protocols

The Company continues to efficiently mitigate the affect of Covid-19 on operations. To-date Covid-19 has not had a fabric impact on the Company’s actions. Prime stays engaged with native stakeholders and is proactive in monitoring workers and contractors throughout this unsure interval. The Company continues to intently adhere to the directives of all ranges of presidency and related well being authorities in Mexico and Canada.

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Community Engagement and Environmental Stewardship Strategy

We continued to assemble environmental and group information within the quarter to assist help our ESG applications, together with completion of a materiality evaluation, strategic plan and disclosure matrix. We try to attenuate the environmental affect of our actions and be sure that Los Reyes has a optimistic affect on our host communities.

Selected Financial Data

The following chosen monetary information is summarized from the Company’s consolidated monetary statements and associated notes thereto (the “Financial Statements”) for the three and 6 months ended June 30, 2022. A duplicate of the Financial Statements and MD&A is obtainable at www.primeminingcorp.ca or on SEDAR at www.sedar.com.

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  Three months ended
June 30, 2022
Three months ended
July 31, 2021
Loss and complete loss $7,063,916 $4,046,624
Loss per share – fundamental and diluted $0.06 $0.04
  June 30, 2022 December 31, 2021
Cash $14,441,284 $27,413,707
Total property $28,552,940 $41,785,376
Total present liabilities $915,536 $1,372,458
Total liabilities $1,779,915 $2,470,784
Total shareholders’ fairness $26,773,025 $39,314,592

Qualified Person

Scott Smith, P.Geo., Executive Vice President of Exploration, is a certified particular person for the needs of National Instrument 43-101 and has reviewed and accredited the technical content material on this information launch.

Los Reyes Gold and Silver Project

Los Reyes is a quickly evolving high-grade, low sulphidation epithermal gold-silver venture situated in Sinaloa, Mexico, inside the prolific Sierra Madre mining area. Historic working outcomes point out that an estimated 1 million ounces of gold and 60 million ounces of silver had been recovered from 5 separate operations at Los Reyes between 1770 and 1990. Prior to Prime’s acquisition, latest operators of Los Reyes had spent roughly USD 20 million on exploration, engineering, and prefeasibility research. The Project stays underexplored as solely 40% of the recognized buildings have been systematically drilled, leaving 10 kilometres of untested strike size. Los Reyes holds potential for extra discovery and useful resource enlargement.

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Since buying Los Reyes in 2019, Prime has spent roughly US$30 million on direct exploration actions and is nearing completion of two phases of complete drilling totaling over 87,000 metres and rising. Results to this point counsel the eight recognized deposits are a lot bigger than beforehand reported and potential exists for brand new discoveries outdoors of present outlined useful resource areas.

About Prime Mining

Prime Mining is a perfect mixture of profitable mining executives, sturdy capital markets personnel, and skilled native operators targeted on unlocking the total potential of the high-grade Los Reyes Gold-Silver Project in Mexico. Prime Mining has a well-planned capital construction with important staff and insider possession.

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ON BEHALF OF THE BOARD OF DIRECTORS

Daniel Kunz
Chief Executive Officer

For additional data, please contact:

Daniel Kunz
Chief Executive Officer and Director
Prime Mining Corp.
1307 S. Colorado Ave.
Boise, Idaho 83706
Telephone: 1-208-926-6379 workplace
electronic mail: [email protected]

Andrew Bowering

Executive Vice President and Director
Prime Mining Corp.
710 – 1030 West Georgia Street
Vancouver, BC, V6E 2Y3
Telephone: (604) 428-6128
Facsimile: (604) 428-6430
E: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined in insurance policies of the TSX Venture Exchange) accepts accountability for the adequacy or accuracy of this launch.

Forward Looking Information

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This information launch accommodates sure “forward-looking information” and “forward-looking statements” inside the that means of Canadian securities laws as could also be amended once in a while, together with, with out limitation, statements relating to the perceived advantage of the Company’s properties, together with extra exploration potential of Los Reyes, potential amount and/or grade of minerals, the potential measurement of the mineralized zone, metallurgical recoveries, the timing and outcomes of allowing and the Company’s exploration and growth plans in Mexico. Forward-looking statements are statements that aren’t historic information which tackle occasions, outcomes, outcomes or developments that the Company expects to happen. Forward-looking statements are based mostly on the beliefs, estimates and opinions of the Company’s administration on the date the statements are made, and so they contain a variety of dangers and uncertainties. Certain materials assumptions relating to such forward-looking statements had been made, together with with out limitation, assumptions relating to the worth of gold, silver and copper; the accuracy of mineral useful resource estimations; that there will likely be no materials antagonistic change affecting the Company or its properties; that every one required approvals will likely be obtained, together with concession renewals and allowing; that political and authorized developments will likely be according to present expectations; that forex and change charges will likely be according to present ranges; and that there will likely be no important disruptions affecting the Company or its properties. Consequently, there might be no assurances that such statements will show to be correct and precise outcomes and future occasions might differ materially from these anticipated in such statements. Forward-looking statements contain important recognized and unknown dangers and uncertainties, which might trigger precise outcomes to vary materially from these anticipated. These dangers embrace, however usually are not restricted to: dangers associated to uncertainties inherent within the preparation of mineral useful resource estimates, together with however not restricted to adjustments to the associated fee assumptions, variations in amount of mineralized materials, grade or restoration charges, adjustments to geotechnical or hydrogeological issues, failure of plant, gear or processes, adjustments to availability of energy or the ability charges, capacity to take care of social license, adjustments to curiosity or tax charges, adjustments in venture parameters, delays and prices inherent to consulting and accommodating rights of native communities, environmental dangers, title dangers, together with concession renewal, commodity worth and change charge fluctuations, dangers referring to COVID-19, delays in or failure to obtain entry agreements or amended permits, dangers inherent within the estimation of mineral assets; and dangers related to executing the Company’s aims and methods, together with prices and bills, in addition to these threat elements mentioned within the Company’s most lately filed administration’s dialogue and evaluation, in addition to its annual data kind dated April 22, 2022, accessible on www.sedar.com. Except as required by the securities disclosure legal guidelines and laws relevant to the Company, the Company undertakes no obligation to replace these forward-looking statements if administration’s beliefs, estimates or opinions, or different elements, ought to change.

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Source: financialpost.com

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