Primero Reports High Grade Gold Drilling Results at Grey Fox
TORONTO, ONTARIO--(Marketwired - May 8, 2014) - Primero Mining
Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) is pleased to
announce results of recent drilling at its Grey Fox property in the
Township of Black River‐Matheson near Timmins, Ontario. Exploration
drilling on the Grey Fox property recommenced in March 2014 to
further expand and infill the 147, Grey Fox South and Contact Zone
known resource. Three drill rigs will continue resource expansion
drilling for the remainder of the year at Grey Fox.
Table 1: Q1 2014 Grey Fox Drilling Highlights* |
|
Hole Number |
Mineralized Zone |
From (m) |
To (m) |
Core Width (m) |
Gold Grade g/t |
Metal Factor grams X core width |
GF14-831 |
147
Zone |
127.7 |
163.0 |
35.3 |
5.6 |
199.4 |
GF14-834 |
147
Zone |
149.0 |
180.0 |
31.0 |
3.6 |
110.4 |
GF14-838 |
147
Zone |
142.0 |
173.0 |
31.0 |
6.2 |
190.6 |
GF14-826 |
Grey
Fox South |
35.0 |
51.0 |
16.0 |
3.1 |
49.8 |
GF14-835 |
Grey Fox South |
69.0 |
79.0 |
10.0 |
7.0 |
70.1 |
* All assays are capped at 100 g/t gold, average gold grades
over core length widths. |
The Grey Fox property, located 4 kilometres south-east of the
Black Fox mine, has produced promising exploration results and
already contains 500,000 ounces at 3.7 grams per tonne ("g/t") of
Indicated Gold Mineral Resources. Primero raised Cdn$9 million in
March 2014 in a flow-through financing in order to invest in an
aggressive exploration program at the Grey Fox and surrounding
properties. The 147, Contact and Grey Fox South Zone all occur
within close proximity of each other and provide Primero with near
term production growth opportunities because of their proximity to
the Black Fox mine infrastructure. Details of the most recent Grey
Fox drill holes are listed in Appendix 1, the drill-hole location
map is included in Appendix 2.
Surface drilling was conducted by Norex Drilling and was
supervised by the Primero exploration team. All sample analyses
reported herein were performed by Polymet Labs of Cobalt, Ontario,
which is ISO 9001:2000 certified in North America using standard
fire assay procedures. Intercepts cited do not necessarily
represent true widths, drilling is generally intersecting
interpreted mineralized zones at high angle. Primero's quality
control checks include insertion of blanks, standards and
duplicates to ensure laboratory accuracy.
Primero's 2014 exploration program includes 76,400 metres of
drilling at the Grey Fox, Pike River and Stock Mill properties as
well as 55,700 metres at Black Fox. A total of 9,649 metres of
drilling have been completed at Grey Fox since drilling commenced
on March 15, 2014. The Grey Fox exploration program includes
exploration, delineation and some condemnation drilling. The
Company aims to increase the total defined Mineral Resources and
convert Inferred Mineral Resources to the Measured and Indicated
categories at Grey Fox.
About Primero
Primero Mining Corp. is a Canadian-based precious metals
producer that owns 100% of the San Dimas gold-silver mine and the
Cerro del Gallo gold-silver-copper development project in Mexico
and 100% of the Black Fox mine and adjoining properties in the
Township of Black River‐Matheson near Timmins, Ontario, Canada.
Primero offers immediate exposure to un-hedged, below average cash
cost gold production with a substantial resource base in
politically stable jurisdictions. The Company is focused on
becoming a leading intermediate gold producer by building a
portfolio of high quality, low cost precious metals assets in the
Americas.
Primero's website is
www.primeromining.com.
Appendix 1: Q1 2014 Drill Results from Grey Fox
Property 147 and GFS Zones |
|
Hole Number |
From (m) |
To (m) |
Core Width (m) |
Gold Grade (g/t) |
Metal Factor grams X core width |
Mineralized Zone |
GF14-820 |
60.0 |
62.0 |
2.0 |
3.6 |
7.2 |
147 Zone |
|
84.8 |
90.7 |
5.9 |
1.9 |
11.0 |
147 Zone |
GF14-821 |
54.0 |
59.0 |
5.0 |
2.2 |
11.1 |
147 Zone |
|
128.9 |
130.0 |
1.1 |
2.0 |
2.2 |
147 Zone |
GF14-824 |
20.0 |
31.0 |
11.0 |
1.0 |
11.4 |
147 Zone |
|
144.0 |
146.0 |
2.0 |
2.6 |
5.1 |
147 Zone |
GF14-825 |
37.0 |
38.0 |
1.0 |
1.2 |
1.8 |
147 Zone |
|
47.0 |
48.0 |
1.0 |
2.2 |
2.2 |
147 Zone |
|
62.0 |
63.0 |
1.0 |
1.2 |
1.2 |
147 Zone |
|
86.0 |
87.0 |
1.0 |
2.2 |
2.2 |
147 Zone |
|
127.0 |
138.3 |
11.3 |
1.7 |
18.9 |
147 Zone |
|
175.0 |
178.0 |
3.0 |
1.4 |
4.2 |
147 Zone |
GF14-827 |
No Significant Results |
0.00 |
147 Zone |
GF14-828 |
48.0 |
51.6 |
3.6 |
4.6 |
16.7 |
147 Zone |
|
88.0 |
98.8 |
10.8 |
1.2 |
13.1 |
147 Zone |
|
105.8 |
106.8 |
1.0 |
3.2 |
3.2 |
147 Zone |
GF14-831 |
111.0 |
113.0 |
2.0 |
10.7 |
21.5 |
147 Zone |
|
127.7 |
163.0 |
35.3 |
5.6 |
199.4 |
147 Zone |
including |
137.0 |
140.0 |
3.0 |
10.6 |
31.9 |
147 Zone |
*and |
156.0 |
157.0 |
1.0 |
100.0 |
100.0 |
147 Zone |
GF14-834 |
61.1 |
62.0 |
0.9 |
4.7 |
4.2 |
147 Zone |
|
134.6 |
135.6 |
1.0 |
1.3 |
1.3 |
147 Zone |
|
149.0 |
180.0 |
31.0 |
3.6 |
110.4 |
147 Zone |
including |
155.0 |
155.7 |
0.7 |
21.8 |
15.2 |
147 Zone |
and |
172.0 |
174.0 |
2.0 |
16.4 |
32.8 |
147 Zone |
GF14-838 |
142.0 |
173.0 |
31.0 |
6.2 |
190.6 |
147 Zone |
including |
143.0 |
144.0 |
1.0 |
15.4 |
15.4 |
147 Zone |
and |
165.0 |
170.0 |
5.0 |
12.1 |
60.4 |
147 Zone |
|
|
|
|
|
|
|
GF14-822 |
No Significant Results |
Grey Fox South |
GF14-823 |
9.0 |
11.0 |
2.0 |
4.3 |
8.6 |
Grey Fox South |
|
18.6 |
19.4 |
0.8 |
7.6 |
6.1 |
Grey Fox South |
GF14-826 |
35.0 |
51.0 |
16.0 |
3.1 |
49.8 |
Grey Fox South |
including |
41.0 |
42.0 |
1.0 |
11.1 |
11.1 |
Grey Fox South |
and |
48.0 |
50.0 |
2.0 |
11.3 |
22.6 |
Grey Fox South |
|
81.0 |
82.0 |
1.0 |
3.1 |
3.1 |
Grey Fox South |
GF14-829 |
10.2 |
14.9 |
4.7 |
4.8 |
22.8 |
Grey Fox South |
including |
13.9 |
14.9 |
1.0 |
18.4 |
18.4 |
Grey Fox South |
|
25.9 |
37.9 |
12.0 |
2.0 |
23.5 |
Grey Fox South |
including |
27.6 |
28.4 |
0.8 |
11.9 |
8.9 |
Grey Fox South |
GF14-833 |
116.0 |
119.8 |
3.8 |
1.8 |
7.0 |
Grey Fox South |
GF14-835 |
48.0 |
53.0 |
5.0 |
2.1 |
10.5 |
Grey Fox South |
|
69.0 |
79.0 |
10.0 |
7.0 |
70.1 |
Grey Fox South |
including |
75.0 |
79.0 |
4.0 |
16.4 |
65.6 |
Grey Fox South |
|
89.0 |
90.0 |
1.0 |
1.3 |
1.3 |
Grey Fox South |
* All assays are capped at 100 g/t gold, average gold grades
over core length widths. |
Appendix 2: Q1 2014 Grey Fox Property 147 and GFS Zone Drill
Hole Locations: http://media3.marketwire.com/docs/Primero58.jpg
TECHNICAL INFORMATION AND QUALIFIED PERSON/QUALITY CONTROL
NOTES
The scientific and technical information regarding exploration
results contained herein is based on information prepared by or
under the supervision of Mr. Gabriel Voicu P.Geo., Vice President,
Geology and Exploration, Primero, who is a QP for the purposes of
NI 43-101. Mr. Voicu has reviewed and approved the contents of this
news release with respect to the scientific and technical
information regarding exploration results.
CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES
OF MEASURED, INDICATED AND INFERRED RESOURCES AND RESERVE
ESTIMATES
This news release has been prepared in accordance with the
requirements of Canadian provincial securities laws which differ
from the requirements of U.S. securities laws. Unless otherwise
indicated, all mineral reserve and resource estimates included in
this news release have been prepared in accordance with Canadian
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") and the Canadian Institute of Mining,
Metallurgy and Petroleum classification systems. NI 43-101 is a
rule developed by the Canadian Securities Administrators that
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
These standards differ significantly from the requirements of the
United States Securities and Exchange Commission (the "SEC"), and
reserve and resource estimates disclosed in this news release may
not be comparable to similar information disclosed by U.S.
companies.
The mineral reserve estimates in this news release have been
prepared in accordance with NI 43-101, as required by Canadian
securities regulatory authorities. For United States reporting
purposes, SEC Industry Guide 7 under the United States Securities
Exchange Act of 1934, as amended, as interpreted by Staff of the
SEC, applies different standards in order to classify
mineralization as a reserve. As a result, the definition of "proven
and probable reserves" used in NI 43-101 differs from the
definition in the SEC Industry Guide 7. Under SEC standards,
mineralization may not be classified as a "reserve" unless the
determination has been made that the mineralization could be
economically and legally produced or extracted at the time the
reserve determination is made. Among other things, all necessary
permits would be required to be in hand or issuance imminent in
order to classify mineralized material as reserves under the SEC
standards. Accordingly, mineral reserve estimates contained in this
news release may not qualify as "reserves" under SEC standards.
In addition, this news release uses the terms "measured and
indicated resources" and "inferred resources" to comply with the
reporting standards in Canada. The Company advises United States
investors that while those terms are recognized and required by
Canadian regulations, the SEC does not recognize them. United
States investors are cautioned not to assume that any part or all
of the mineral deposits in these categories will ever be converted
into mineral reserves. Further, "inferred resources" have a great
amount of uncertainty as to their existence and as to whether they
can be mined legally or economically. Therefore, United States
investors are also cautioned not to assume that all or any part of
the "inferred resources" exist. In accordance with Canadian
securities laws, estimates of "inferred resources" cannot form the
basis of feasibility or other economic studies. It cannot be
assumed that all or any part of "measured and indicated resources"
or "inferred resources" will ever be upgraded to a higher category
or are economically or legally mineable. In addition, disclosure of
"contained ounces" is permitted disclosure under Canadian
securities laws; however, the SEC only permits issuers to report
mineralization as in place tonnage and grade without reference to
unit measures.
NI 43-101 also permits the inclusion of disclosure regarding the
potential quantity and grade, expressed as ranges, of a target for
further exploration provided that the disclosure (i) states with
equal prominence that the potential quantity and grade is
conceptual in nature, that there has been insufficient exploration
to define a mineral resource and that it is uncertain if further
exploration will result in the target being delineated as a mineral
resources, and (ii) states the basis on which the disclosed
potential quantity and grade has been determined. Disclosure
regarding exploration potential has been included in this news
release. United States investors are cautioned that disclosure of
such exploration potential is conceptual in nature by definition
and there is no assurance that exploration will result in any
category of NI 43-101 mineral resources being identified.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements", within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation,
concerning the business and operations of Primero Mining Corp. and
its consolidated subsidiaries (collectively, "Primero" or the
"Company"). All statements, other than statements of historical
fact, are forward-looking statements. Generally, forward-looking
statements can be identified by the use of forward-looking
terminology such as "plans", "expects", "in order to", "aims to"
"estimates",, "intends", "anticipates", "believes" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "would", or the negative connotation
thereof. Forward-looking statements include, but are not limited
to, statements regarding the Company's 2014 exploration program and
drilling plans, estimation of mineral reserves and resources and
the realization of mineral reserve estimates (including all
assumptions), the ability to identify new resources and convert
resources and exploration potential into reserves and resources,
the timing, nature and success of exploration activities including
that certain results are "promising", the future potential to
discover new mineralization at Grey Fox, Grey Fox 147 or Contact
Zone, and intentions to becoming an intermediate gold producer. The
assumptions made by the Company in preparing the forward-looking
information contained in this news release, which may prove to be
incorrect, include, but are not limited to: the expectations and
beliefs of management; the specific assumptions set forth above in
this news release; that there are no significant disruptions
affecting operations; that the Company does not change its
development and exploration plans; that prices for gold and silver
remain consistent with the Company's expectations; that the Company
identifies new mineralization and extension of existing
mineralization, that Company's current estimates of mineral
reserves, mineral resources, mineral grades and mineral recovery
are accurate, the discovery of additional ounces close to
infrastructure. Forward-looking statements are subject to known and
unknown risks, uncertainties and other important factors that may
cause the actual results, performance or achievements of Primero to
be materially different from those expressed or implied by such
forward-looking statements, including: the ability to achieve
planned production levels; the ability to fund exploration and
development expenditures and for the expenditures to discover
mineralization in minable quantities ; possible variations in ore
reserves, grade or recovery rates, mine development and operating
risks; and the ability to build a portfolio of precious metals
assets in the Americas that there are no significant disruptions
affecting operations, whether due to labour disruptions, supply
disruptions, damage to or loss of equipment, whether as a result of
natural occurrences including flooding, political changes, title
issues, intervention by local landowners, loss of permits, or
environmental concerns or otherwise; uncertainty of mineral
reserves, mineral resources, mineral grades and mineral recovery
estimates; uncertainty of future production, delays in completion
of the mill expansion, exploration and development plans; mining
risks, including unexpected formations and cave-ins, which delay
operations or prevent extraction of material; risks associated with
foreign operations; governmental and environmental regulation;
landowner dissatisfaction and disputes; damage to equipment; and
labour disruptions. Certain of these factors are discussed in
greater detail in Primero's registration statement on Form 40-F on
file with the U.S. Securities and Exchange Commission, and its most
recent Annual Information Form on file with the Canadian provincial
securities regulatory authorities and available at www.sedar.com.
Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in forward-looking statements.
In addition, although Primero has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate,
as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements.
Forward-looking statements are made as of the date hereof and
accordingly are subject to change after such date. Forward-looking
statements are provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of our operating
environment. Primero does not undertake to update any
forward-looking statements that are included in this document,
except in accordance with applicable securities laws.
Primero Mining Corp.Tamara BrownVP, Investor Relations(416) 814
3168tbrown@primeromining.comwww.primeromining.com
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