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Prime Mining Receives $28 Million From Warrant Acceleration Program

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Prime Mining Receives $28 Million From Warrant Acceleration Program






Prime Mining Corp. (TSX-V: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) announces that 14,025,410 common share purchase warrants issued by the Company on December 22, 2022 have now been exercised resulting in gross proceeds to the Company of $28,050,820. The Warrants were previously issued by the Company in connection with a brokered private placement and were exercisable at $2.00.


The Company anticipates utilizing proceeds from the Warrant exercise to accelerate its 2023 drill program at the Los Reyes Project, allowing the Company to increase the drilling budget to expand the current mineral resource estimate and conduct drilling of new exploration targets that lie outside the known resource areas. The additional funds will also be used to develop early work programs to de-risk technical aspects of the Los Reyes Project, including metallurgical test work and internal engineering studies.


Chief Executive Officer Daniel Kunz commented, “With a current cash balance of $45.5 million, we are now positioned to increase our exploration activities at Los Reyes this year and next. We expect to increase the total planned drilling from 45,000 to 60,000 metres for 2023 and to undertake a similar-sized drill program in 2024. Our target in the coming years is to double the size of the high-grade gold-silver mineral resource estimate recently announced on May 2, 2023.”


About Prime Mining Corp.


Prime is managed by an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators all focused on unlocking the full potential of the Los Reyes Project. The Company has a well-planned capital structure with significant management team and insider ownership.


Posted May 9, 2023

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