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PPX Provides Corporate Update, Restart of Mining at Igor
VANCOUVER, BC / ACCESSWIRE / July 21, 2020 / PPX Mining Corp. (TSXV:PPX) (the " Company " or...
About this update from Ppx Mining Corp.
[{"type":"text","content":"PPX Provides Corporate Update, Restart of Mining at IgorVANCOUVER, BC / ACCESSWIRE / July 21, 2020 / PPX Mining Corp. (TSXV:PPX) (the \"Company\" or \"PPX\") is pleased to provide the following corporate update:Cease Trading Order: The Company is in the process of completing all required filings needed to be released from the Cease Trade Order issued by the British Columbia Securities Commission, including its 2019 Audited Annual Financial Statements and associated Management Discussion and Analysis. We expect to resume trading shortly when these filings are completed.Ore Purchase Agreement with Inca One: As detailed in a press release distributed by Inca One Gold Corp on July 9, 2020, PPX will deliver 40,000 tonnes of gold-bearing material from the Igor Project, with a minimum grade of 8 grams of gold per tonne, to Inca One's Kori One processing facility. As part of the agreement, an advance payment, based on certain milestones, for up to US$400,000 will be made to PPX, with the payment of the first tranche of US$200,000 having already been completed. Because several thousand tonnes of ore are stockpiled at Igor, shipments can commence rapidly.Resumption of Mining Activities: Our mining partners, Proyectos La Patagonia S.A.C. (\"PLP\"), have reported that they have resumed mining operations at Mina Callanquitas on the Igor Project. PLP will focus on ramping up mining operations over the next month, seeking to achieve a mining rate of 125 tonnes per day as soon as possible. Given the new agreement with Inca One, PLP and the Company now have the ability to grow the production rate above 125 tonnes per day in the short term, thereby increasing gold production at Igor.Resumption of Field Exploration: PPX has received permission from the Peruvian government to resume exploration activities at the Igor Project under a strict Coronavirus/COVID-19 safety and preventative protocols. The initial work will include geologic support for the mining operation at Mina Callanquitas and geologic mapping to prepare for future exploration drilling campaigns at Callanquitas and the Portachuelos target area.Brian J. Maher, President and CEO of PPX Mining Corp commented: \"The resumption of mining activities at Igor coupled with the ore purchase agreement with Inca One set the stage for a successful second half of 2020 for PPX. The Inca One contract ...