Phoenix Copper Limited Regulatory News (PXC)

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

30 September 2019

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

Director Appointment

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 ("COO"), has been appointed a Director of the Company with immediate effect and where he will continue in his role as COO.

Dennis Thomas, Chief Executive Officer, commented:

"I am delighted to welcome Ryan to the board of Phoenix. Ryan joined the Company in March 2017 where he became CEO of our two Idaho registered operating subsidiaries and from September 2018, has been COO of the Company in a non-board level position. Idaho born and bred, Ryan is a graduate of Idaho State University and has had an extensive international career, covering four continents and a wide range of precious and base metal mining projects. Ryan has been instrumental in driving our Empire Mine copper - zinc - gold - silver project forward, and in establishing excellent relationships with the local people and regulatory authorities in Idaho."

Ryan Kelly McDermott (aged 52) 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 of the Empire Mine.

The following details in relation to the appointment of Ryan are disclosed in accordance with Schedule 2(g) of the AIM Rules:

Ryan McDermott owns 293,747 shares in the Company, representing 0.69 per cent of the Company's outstanding share capital.

There are no other disclosures in accordance with Schedule 2(g) of the AIM Rules.

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 flagship project is a brownfield, past producing, copper, gold, silver, zinc and tungsten underground mine, the Empire Mine near Mackay in Idaho. Phoenix acquired an 80% interest in the property in 2015. 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 June 2018 a drilling campaign consisting of 8,600 metres in 93 holes was started and completed in late 2018. This programme was designed to upgrade and increase the oxide resources, provide samples for ongoing metallurgical testwork, 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 which resulted in an increase from the PEA resources of 37% contained copper and 108% contained zinc. This resource has been used for this economic analysis and will now be used as the basis for the Bankable Feasibility Study ("BFS") scheduled for completion in mid 2020.

At Empire, it is estimated that only 1 to 2% of the potential ore system has been explored to date and, accordingly, there is significant opportunity to increase the resource through phased exploration; the current resources relate to the oxide resource only, with the exception of the Red Star discovery "Inferred" resource, which remains open along strike and does not include the deeper, higher grade sulphides. In addition, Phoenix has increased the claim area from 818 acres at the time of its acquisition to 5,717 acres, mainly to the northwest and west, and in so doing has increased the potential for additional oxide and sulphide resources by a total strike length of approximately 2,500 metres towards another brownfield mine, the Horseshoe Mine, which is now within the property boundary.

The Company also holds two prospective cobalt properties in Idaho, US, which are located north of the Empire Mine. These are situated close to the town of Cobalt and are close to projects being advanced by Canadian junior miners, including eCobalt Solutions and First Cobalt. Fieldwork, consisting of mapping and sampling and locating drill holes for the 2019 drilling programme, has been completed.

With a management team that has successfully constructed, commissioned and operated mines and low risk, mining-friendly jurisdictions with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base metal, precious metal and cobalt production company, offering exposure to high value and high demand metals with compelling demand/supply fundamentals.

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