LIBERTY LAKE, Wash., March 01, 2018 (GLOBE NEWSWIRE) -- Hunt Mining Corp. (the “Corporation” or “Hunt”) (TSX VENTURE:HMX) (OTC:HMXZF) is pleased to provide this update from Tim Hunt, Chairman and CEO
Dear Shareholders:
2017 was a pivotal year for Hunt Mining and its shareholders. Hunt’s first year of operation generated revenues of more than $9.2 million from nine concentrate shipments containing 549,323 ounces of silver and 624 ounces of gold.
Key personnel include: Leon Hardy, Chief Operating Officer and former VP of Operations for Coeur Mining; Klaus Triebel, Director of Project Development, former Coeur Manager of Resource Evaluation; new addition Dave Jarvis, former VP/GM of Coeur Mexicana’s Palmarejo gold mine, and Director of Gold Mining Operations in China for Eldorado Gold; and Danilo Silva, Argentina Country Manager (also currently serving as president of Camicruz, the organization of mining companies operating in the province of Santa Cruz).
Argentina is steadily displaying a more welcoming business environment under the leadership of a successful businessman turned president, Mauricio Macri, elected to his office in late 2015. Hunt Mining is located in Santa Cruz province, one of the most mining-friendly jurisdictions of South America with very favorable geology. Santa Cruz has sprouted five operating mines over the last 10 years.
Not counting the recent Martha acquisition, Hunt has already invested over US $60 million into its previous properties (exploration and drilling of 62,000 m of HQ diamond drilling) and has now accumulated one of the largest mining packages in the province with a total of 38 properties spread over 170 thousand hectares. Better than 70% of the Company’s properties remain unexplored. La Josefina is immediately adjacent to La Valenciana. Both are being served by the Piedra Labrada camp consisting of numerous portable buildings, generators, a mess hall, kitchen and the core shack.
The Martha camp includes infrastructure such as the assay laboratory, 60 person camp, numerous office and support buildings, a stocked parts warehouse, generators, compressors, above ground and underground mining equipment, stacking and crushing circuit, and most significantly, the Martha 240 t/d flotation mill (expandable to 480 t/d) with an estimated $25 to $30 million replacement cost. Hunt has spent over $2 million dollars on repairs and upgrades to the Martha mill, as well as rebuilding several pieces of the mining equipment and the purchase of a new CAT 320D excavator.
We look ahead to 2018 and continuing to develop dual revenue streams from the silver of the Martha property and the gold from Ailin and other La Josefina veins moving forward.
On behalf of the Board and Hunt Mining Corp., I thank you for your continued interest and support.
Tim Hunt
Chairman and CEO
Ongoing production at the Martha Project is being undertaken without established mineral resources or reserves and the Corporation has not established the economic viability of the operations on the Martha Project. As a result, there is increased uncertainty and economic risks of failure associated with these production activities. However, a NI 43-101 compliant technical report from 2010 exists for the La Josefina project with Measured, Indicated and Inferred resources. The Ailin vein is part of this resource estimate.
Klaus Triebel, Hunt Mining's director of project development, is the qualified person under National Instrument 43-101 who has approved the technical and scientific aspects of this press release.
Additional information on the Martha Project and other Santa Cruz, Argentina projects can be viewed on the Company website at: www.huntmining.com.
About Hunt Mining
Hunt Mining Corp. has continued to develop its properties as an active and aggressive explorer in Santa Cruz since 2006, entering into production of silver and gold at the Mina Martha property in January 2017. Since 2006, Hunt's wholly owned subsidiary, Cerro Cazador S.A., has completed exploration activity including 62,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 20,000 surface soil, sediment, channel, chip, and trench samples, beyond the historical work previous to the same properties. Hunt also owns a 100% interest in the Martha property, which includes the Martha Project, also located in the Santa Cruz Province of Argentina.
For more information contact:
Dean Stuart
Investor Relations
T: (403) 617-7609
E: dean@boardmarker.net
Bob Little
Chief Administration Officer
T: (509) 290-5659
E: blittle@huntmining.com
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.