Prime Mining Corp. Announces AGM Results and Future Plans
Prime Mining Corp. Reveals AGM Voting Results
Vancouver, British Columbia – Prime Mining Corp. (“Prime” or the “Company”) (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) is proud to announce the outcome of shareholder voting from its Annual General Meeting. Held recently, the meeting confirmed the election of all proposed directors as detailed in the Company’s information circular. This positive result reflects a strong endorsement from shareholders regarding the management’s direction and strategies.
Company Overview and Project Focus
Prime Mining stands committed to the exploration and development of its fully owned Los Reyes gold-silver project located in Sinaloa State, Mexico. The significance of Los Reyes cannot be understated, as the Company aims to enhance its position in the mining sector through this promising project, which has generated considerable interest among investors and analysts alike.
Key highlights from the Company's recent activities include:
- Preparation for a Preliminary Economic Assessment (PEA), targeting high economic returns alongside reduced capital expenditure for the long-term development of the Los Reyes project.
- Current cash reserves amounting to approximately $32.9 million, which place the Company in a robust financial position to further its goals.
Meeting Results and Directors’ Election
During the meeting, a total of 103,882,459 shares, which equate to 68.13% of the issued shares, participated in the voting process. This significant turnout reflects shareholder engagement and confidence in the management.
Election of Directors: Notably, each nominee presented received overwhelming support. For instance, Murray John achieved a vote count of 98,399,590, which corresponds to 96.05% support. The results underline a solid backing for all nominees contested in management’s information circular.
Key Voting Outcomes
The voting results showcased strong vote counts across the board for each candidate:
- Scott Hicks: Received 102,005,338 votes (99.57% approval).
- Paul Sweeney: Garnered 99,361,921 votes (96.99% approval).
- Edie Hofmeister: Despite a notable 79.96% approval, his results indicate areas for improvement in garnering broader confidence.
- Overall, there was a notable recognition of the Board's strength with all director nominees securing at least 94.72% in favorable votes.
Future Exploration and Activities
Looking ahead, Prime Mining is poised to further explore Los Reyes with a systematic and success-driven exploration strategy. The focus for 2025 revolves around:
- Enhancing high-grade Z-T Area shoots and exploring resource growth potentials at Guadalupe East.
- Increasing known resources at Central Area, particularly focusing on connections between mineralization targets.
- Expanding drilling efforts to include new high-grade intercepts at Las Primas, thereby broadening the resource base.
Environmental and Community Engagement
The Company is set to release its annual Environmental, Social, and Governance (ESG) report, reflecting its transparency and commitment to sustainable practices within mining operations. Prime Mining acknowledges the importance of engaging with local communities in Sinaloa, ensuring mutual benefits through educational and social programs.
About Los Reyes Project
Los Reyes is recognized as a high-grade, low-sulphidation epithermal gold-silver project. Since acquiring it, over $64 million has been dedicated to exploration. Aiming to highlight its substantial potential, Prime intends to complete its PEA by the end of Q3 2025—a critical step toward validating the project’s capabilities and future profitability.
The ongoing engagement with stakeholders and community development initiatives reflects Prime Mining’s commitment not just to their shareholders but also to the environment surrounding their operations.
Frequently Asked Questions
What were the main results from the AGM?
All nominated directors were successfully elected, receiving strong shareholder support during the voting process.
How is Prime Mining positioned financially?
Prime Mining has a healthy cash balance of approximately $32.9 million, enabling it to advance its project and exploration endeavors.
What is the status of the Los Reyes project?
The Los Reyes project is under continued exploration with plans for a Preliminary Economic Assessment set for completion in Q3 of the following year.
How does Prime Mining engage with local communities?
The Company actively participates in community programs focused on education, social welfare, and environmental awareness, enhancing its relationship with local stakeholders.
What are the key exploration goals for 2025?
The primary exploration goals include expanding known resources, drilling high-grade intercepts, and completing the planned economic assessment to validate project feasibility.
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