Phoenix Global Mining issues update

07:03 12/09/2017
StockMarketWire.com - Phoenix Global Mining provided an update regarding its activities at the Empire Copper Mine in Idaho, US.

HIGHLIGHTS:

- 28 drill hole drilling programme now completed at the AP Pit oxide resource

- Assay results for 14 holes received to date; all samples have now been sent to the assay lab; further results expected in forthcoming weeks

- Revised JORC resource on target for Q4 2017

- Preliminary Feasibility Study (PFS) consultants now selected and aiming to complete studies by early Q2 2018

- A mining contractor has been appointed to open several of the old working portals (tunnel entrances) and to refurbish and make safe in order to carry out a systematic evaluation of the deeper sulphide resources below the AP Pit

CEO Dennis Thomas said: "The Empire Mine continues to advance at pace. Our initial drilling programme has been completed and the assay results from 14 of the total 28 holes confirm the robustness of the oxide deposit copper grades.

"The assay results from the remaining 14 holes will be received in the next few weeks at which time the focus will be to update the oxide ore resource estimation for the AP open pit.

"We continue to advance the PFS which is focused on proving the commercial viability of mining these oxides and recovering copper cathode by heap leaching, solvent extraction and electrowinning (SX-EW).

"We have now appointed a strong professional team of consultants to carry out the required studies with Q2 2018 as the target date for completion of the PFS.

"Whilst the oxide resource offers the near-term development opportunity, the deeper sulphide resource is of potentially significant value to us given the historic grades of up to 11.4% copper plus gold, silver and tungsten that have been recovered.

"Accordingly, I am pleased to report that we have appointed an underground mining contractor to open the portals (tunnel entrances) of the old workings on various levels and, once refurbished, ventilated and made safe, to commence a programme to assess the deeper sulphide potential beneath the AP pit oxides.

"We look forward to updating shareholders on progress across our exploration programme in due course."



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