Phoenix Copper Limited Regulatory News (PXC)

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

16 January 2020

Phoenix Copper Limited (the "Company" or "Phoenix")

Board changes

Phoenix Copper Limited (AIM: PXC; OTCQX: PGMLF), the AIM quoted North American focused base and precious metals exploration and development company, is pleased to announce that Ryan McDermott, Chief Operating Officer, has been appointed Chief Executive Officer ("CEO") of the Company with immediate effect. Dennis Thomas steps down from the role of CEO to serve as a Non-executive Director and VP of Investor Relations.

Marcus Edwards-Jones, Chairman, commented:

"We expect 2020 to be a significant year for the Company as we move from exploration and evaluation into project development, construction and production, which is anticipated in 2021. Ryan's appointment reflects this change in operational emphasis and our clear focus on expediting the timeframe to production from the Empire project in Idaho, USA. We will target initial production from the high-grade silver / lead deposit at Red Star, which our drilling programme discovered in late 2018, followed by the Empire open pit copper deposit as soon as feasible after that. Ryan's existing role as CEO of our Idaho registered operating subsidiaries, his proven mine development and operating experience, and his excellent local contacts and knowledge, will be invaluable to this process.

"I would like to thank Dennis for his enormous contribution to date, and we are delighted that he remains with the Company as a Non-executive Director and VP of Investor Relations, a role which I know he will fulfil with his usual energy and enthusiasm.

"We look forward to providing shareholders with further updates regarding progress at Red Star as we prepare the deposit for construction finance and economic development."

Ryan Kelly McDermott has 27 years' experience in mining and mineral exploration for base and precious metals. During this time, he has notably worked for Sovereign Exploration/Plexus, Kinross Gold Corp, Echo Bay Minerals, SECOR International Inc, and Kleinfelder West Inc. Ryan has held various senior positions in his career including Operations Manager and Chief Geologist for Gold Hill Mining, Director of Mining Operations for an Idaho based private investment group, Geotechnical Engineering Manager at Kleinfelder West, Inc and General Manager of US Ecology Idaho.

Ryan has led the teams responsible for the permitting, development, and operation of open pit and underground mining projects in the Western United States and South America. During his time with Kinross Gold he was a member of the team responsible for project development and technical services for projects in North and South America, Russia and Africa. Ryan and his Gold Hill team successfully permitted a gold operation in Boise County, Idaho. Ryan is a graduate of Idaho State University where he received a Bachelor of Science degree in Geology.

With significant regional experience, Ryan brings the necessary skills and experience required for the ongoing development, construction and production at the Empire Project.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Contacts

For further information please visit www.phoenixcopperlimited.com or contact:

Notes

Phoenix Copper Limited is a North American focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA, back into production, and exploring for cobalt in Idaho.

Phoenix's primary operations are focused near Mackay, Idaho in the Alder Creek mining district. This district includes the historical Empire, Horseshoe, White Knob and Blue Bird Mines, past producers of copper, gold, silver, zinc, lead and tungsten from underground mines in the first half of the twentieth century. Additionally, the district includes Navarre Creek a Carlin-trend gold discovery which hosts a 6.1 km gold strike length within a 9.8 km² area.

Phoenix acquired an 80% interest in the historical Empire Mine property in 2017 and, based on a total of 320 drill holes, an oxide resource was completed in late 2017. A NI 43-101 compliant PEA (preliminary economic assessment) for an open pit heap leach solvent extraction and electrowinning ("SX-EW") mine was completed in April 2018. In 2018 a further 8,600 metres in 93 holes was completed to upgrade the oxide resources, provide samples for ongoing metallurgical test work, geotechnical and hydrological studies and condemnation drilling for the heap leach pad site, waste dump and plant site. An updated NI 43-101 compliant resource was completed in early May 2019.

Since acquiring the Empire project, Phoenix has increased the claim area from 818 acres to 5,717 acres, mainly to the northwest and west, and in so doing has increased the potential for additional oxide and sulphide copper resources, as well as the potential for stand-alone gold and silver resources, along a strike length of approximately 5.4 km towards the other brownfield mines of the Horseshoe, White Knob and Blue Bird Mines now within the property boundary. In particular, a new discovery at Red Star, 330 metres north west of the Empire Mine proposed open pit, has revealed sulphide ore and from three shallow exploration drill holes a NI 43-101 compliant maiden resource of 1.6 million silver equivalent ounces was reported.

At Empire, it is estimated that less than 1% of the potential ore system has been explored to date and, accordingly, there is significant opportunity to increase the resource through phased exploration.

More details on the Company, its assets and its objectives can be found on PXC's website at www.phoenixcopperlimited.com.