CALGARY, Oct. 17, 2017 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (TSXV:PRZ) (MQSP:GR:FRANKFURT) is pleased to announce it was issued an amended Mines Act permit from the Ministry of Energy, Mines and Petroleum Resources of BC authorizing mineral exploration activities on its Daylight Property.
Feisal Somji, chief executive officer of Prize commented: "We look forward to our much anticipated Daylight property drill program. The focus of the program will be on newly defined anomalous targets which have been prioritized from our summer surface exploration work. Historical producing mines on the property have returned grades as high as 37g/t gold, with 2017 grab samples returning as high as 9g/t gold. We are excited to follow up on these combined datasets with a discovery focused drill program. The Company is in a fully financed position and will be mobilizing in the short term."
The permit gives Prize the right to create up to 3km of access trails, 25 drill sites with sumps and 20 trenching sites. Prize has finalized contracts with Wade Critchlow Enterprises Ltd. of Salmo, BC to engage in all of its trenching activities, and Lucky Drilling Ltd. of Castlegar, BC for its drilling operations. Both companies are expected to mobilize this week.
The Company also anticipates receiving a similar mines permit in the near future for its Toughnut property which is contiguous to the Daylight claims.
Jarrod Brown, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the scientific and technical information in this news release.
About Prize Mining Corp.
Prize is a Calgary-based junior mining issuer with offices in Calgary, Alta., and is listed on the TSX Venture Exchange. Prize is engaged in the acquisition, exploration and development of mining properties.
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Forward-Looking Statements. This news release contains forward-looking statements. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "scheduled", "potential", or other similar words, or statements that certain events or conditions "may", "should" or "could" occur. The forward-looking statements are based on certain key expectations and assumptions made by Prize, including expectations and assumptions concerning the upcoming trenching and drilling program on Prize's Daylight Property and the timeline for receipt of a permit which would allow for an exploration program on Prize's Toughnut Property. Although Prize believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prize can give no assurance that they will prove to be correct. There is no assurance that the result of these exploration programs will be successful. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration risks and that required regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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.
SOURCE Prize Mining Corporation
For further information: www.prizemining.com or please contact Walter Spagnuolo, Investor Relations by telephone at 403.236.2222 or email at [email protected]