PPX Signs Ten Year Community Agreement for Mining and Exploration at Igor
Vancouver, British Columbia (FSCwire) - PPX Mining Corp. (the "Company" or “PPX”) is pleased to announce that the Company has signed a ten year agreement with the community of Callanquitas that provides the Company with the Social Licence to conduct mining and exploration activities at its flagship Igor Project in northern Peru. The agreement includes the ongoing test mining and bulk-sampling program at Mina Callanquitas, the Phase One exploration drilling campaign that is in progress, as well as any future exploration and mining programs at the Igor project. The agreement provides for employment opportunities for the people of Callanquitas, improved road maintenance in the vicinity of the community, and infrastructure improvements to the local elementary school. Other important aspects of the agreement are:
- Upgrades to the Callanquitas first aid facility, including working with the Health Ministry to increase staffing and providing updated health care equipment,
- Expansion of the water distribution system to increase the availability of water for agricultural and domestic uses,
- Increased educational opportunities so that children who successfully complete elementary school have the option of going to high school in the nearby community of Huaranchal,
- A technical training program so that members of the community can receive appropriate training which would allow them to work at Mina Callanquitas and at the heap-leach processing plant currently being permitted at the Igor Project. Scholarships will be provided for community children who wish to pursue more advanced technical training in mining and engineering.
Brian J. Maher, President and CEO of PPX Mining commented: “PPX would like to thank our Peruvian management team, Hector Paredes, Sandra Hakim Toro, Javier Jimenez, and Marcial Gutierrez, for negotiating this important extension of our Community Agreements with the people of Callanquitas. These agreements provide for improvements to the health facilities, school, irrigation systems, and roads in Callanquitas as well as employment opportunities for most residents of the community. The Company is pleased to have a ten-year window explore and mine at the Igor project, knowing it has a willing partner in the local community”.
About PPX Mining Corp: PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, BVL: PPX) is a Canadian-based exploration and development company with assets in northern Peru. Igor, the Company’s 100%-owned flagship gold and silver project, is located in the prolific Northern Peru gold belt in eastern La Libertad Department. PPX is pursuing a two-prong strategy to further develop and explore the Igor Project. The Company has begun work on its underground test mining and bulk sampling program which is designed to upgrade the resource estimate and generate data to evaluate the possibility of future mine development at Igor through the PFS process. Simultaneously, PPX is accelerating its exploration program at Igor in order to fully evaluate the resource potential of the entire Igor project area. The Callanquitas Structure is open along strike and at depth. Parallel structures are unexplored and, coupled with the Domo and Tesoros areas; these drill targets highlight the exploration potential at Igor. Evaluating mine development alternatives in parallel with exploration drilling provide dual catalysts for growth and increasing shareholder value.
Previous exploration on the Callanquitas Structure discovered a significant Inferred gold and silver resource: 7,189,000 tonnes grading 1.94 gpt gold and 71.8 gpt silver containing 448,500 ounces of gold and 16,600,000 ounces of silver at a cutoff grade of 1.5 gpt gold equivalent. Included within this resource estimate is a higher grade zone consisting of 2,730,000 tonnes grading 2.73 gpt gold and 119.1 gpt silver containing 239,400 ounces of gold and 10,500,000 ounces of silver using a 3.0 gpt gold equivalent cutoff grade (Please see Technical Report, amended September 27, 2013, available on the Company’s website or SEDAR). Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves.
All scientific and technical information in this press release has been reviewed and approved by Quentin J. Browne, P.Geo., Independent Consulting Geologist to PPX Mining Corp., who is a qualified person under the definitions established by National Instrument 43-101.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
PPX Mining Corp.
Brian J. Maher, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain disclosure in this release, may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks are detailed from time to time in the Company's filings with the appropriate securities commissions, and may include, among others, market conditions, and delays in obtaining or failure to obtain required regulatory approvals or financing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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Source: PPX Mining Corp. (TSX Venture:PPX)
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