Day: March 23, 2016

Mr. Alain Lambert, Chairman and CEO of Cyprium stated: “The rehabilitation of shaft #3 of the Potosi mine and the exploration at level 2, 3 and 4 of the mine continue to progress on budget and according to schedule. The main activities over the last two months consisted in the overhaul of the rail system for the extraction of mineralized material, the repair of the hoist and implementation of various measures for improved safety in the mine. Over the next six weeks we expect to proceed with the installation of the necessary drilling and mining equipment infrastructure at level 3 and 4 of the mine, including the installation of a new air compressor.”

“This PEA update quantifies the economic benefits of the El Sauzal facilities acquisition on the already-robust Ana Paula Project. We continue to view Ana Paula as one of the best development-stage gold projects in Mexico,” commented Mark Backens, Interim CEO. “Total initial capital estimate has been reduced by approximately $42 million. It is also important to note that because we have already acquired essentially all of the equipment and materials the risk of capex overruns and delivery delays has been significantly lowered.”

Orex’s President, Gary Cope says, “Our understanding of the high-grade silver mineralization at Sandra Escobar continues to grow. Still to come are the results for 7 more holes from the Phase-I drilling program, as well as the new drill holes from Phase-II.”