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Primero Mining Corp.
Summary
| Project: | San Dimas Mine | |
|---|---|---|
| Deposit: | San Dimas Mine | |
| Location: | Mexico | |
| Commodities: | Gold-Silver | |
| Date: | 2/22/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 22-2-2017: Primero Mining Corp. announces a Resource Estimation report for its San Dimas Mine deposit at the San Dimas Mine project. Updated mineral resource and reserve + new drill results incl. 8.1m @ 56.9g/t Au, 3367g/t Ag. Primero Mining Corp. (‘‘Prim | |
| Resources: | (Reserve, P+P): 4.0Mt @ 4.0g/t Au, 322g/t Ag at project | |
| CP/QP: | [Resources]: Dave Laudrum (Internal) | |
| ABSTRACT: | Primero Mining Corp. (‘‘Primero’’ or the ‘‘Company’’) (TSX:P, NYSE:PPP) today announced its updated year-end 2016 Mineral Reserves and Mineral Resources. Total Primero Proven and Probable Mineral Reserves at December 31, 2016 were 1.3 million ounces of contained gold and 56.6 million ounces of contained silver. This represents a decrease of 24% for gold and 20% for silver from year-end 2015, primarily attributable to mining depletion (155,000 gold ounces and 5.3 million silver ounces) and modified modeling parameters. In its modeling approach, the Company has applied a two-pass cut-off grade methodology and increased geological constraints which will improve mine planning and future reserve reconciliations. ‘‘Our 2016 exploration program substantially replaced our depleted Mineral Resources,’’ stated Damien Marantelli, Chief Operating Officer. ‘‘However, our Mineral Reserve estimate was affected by mining depletion and improvements we made to our geological controls and modelling methodologies. We believe these important changes will set up our mines for future successes through improved planning, predictability and deliverability. Primero has traditionally had a strong history of replacing Mineral Reserves and we remain confident in the significant mineral endowment of our mining districts. In 2016, our exploration programs identified additional Resources but not yet at a confidence level to convert to Reserves. This can be demonstrated by the recent discovery of an extension to the high-grade Victoria vein at San Dimas in late 2016. In an effort to increase our Mineral Reserve base going forward, at a rate closer to historical levels, our 2017 San Dimas exploration budget is approximately double the expenditure of 2016, with a focus on defining additional mineralization on known favourable structures located close to existing infrastructure. We also look forward to continuing our exploration of San Dimas’ greenfield southern concessions, which exist outside the silver purchase agreement.’’ | |
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