Phoenix Copper. Regulatory News (PXC)

Phoenix Copper Limited / Ticker: PXC / Sector: Mining 

2 December 2020 

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

Phoenix Copper appoints New York based EAS Advisors LLC as US corporate advisor

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted North American focused base and precious metals company, is pleased to announce the appointment of New York-based EAS Advisors LLC ("EAS") as its US corporate adviser to assist it in the financing strategy for its Empire Open Pit Mine in Idaho, USA.

Founded by Edward Sugar in 2008, EAS is a boutique global advisory firm focused on helping early stage mining and industrial groups access US and international financial markets and institutional capital.

Having participated in over US$6 billion in transactions since inception, EAS has been instrumental in a number of financing arrangements and has an exceptional record for backing early finance deals for a number of natural resource focused companies.

EAS has been appointed to provide corporate advisory and capital market services with a view to assisting the Company build its investor profile in the US over the coming months and to assist the Company in developing and implementing its financing strategy for its Empire Open Pit Mine in Idaho, USA.

EAS founder Edward Sugar said:

"We have been following Phoenix Copper's progress for a while now and are excited to be working with the Phoenix Copper team as they move forward with the development of their projects in Idaho. With the copper price at an eight-year high and gold continuing to trade at historically high prices we believe that, as we approach 2021, investor interest in Phoenix Copper and its project will only increase. We're looking forward to working with the Company regarding its ongoing finance and development as well as lifting its profile in North America."

Marcus Edwards-Jones, Executive Chairman, commented: 

"We are delighted to cement a long-standing dialogue by signing with EAS as our US corporate advisers. We have been impressed by their innovative ideas on project finance, as well as their investor base, and look forward to working with them as we develop our US profile and advance towards production from our Empire Open Pit Mine, and subsequent projects, at the earliest opportunity."

About EAS Advisors

EAS Advisors, LLC is a private, New York-based boutique corporate advisory firm providing a unique service to small and mid-cap companies operating predominantly in the natural resource and commodity sectors. The foundation of EAS's business is built on industry knowledge, capital markets insights and access to a deep pool of traditional and alternative sources of capital. In addition to exposure to US investors, EAS provides companies with access to local industry contacts to enhance their growth and expansion. EAS operates under the broker dealer license of Odeon Capital Group LLC - member of FINRA/SIPC/MSRB/NFA. More details on EAS Advisors can be found on EAS's website at https://easadvisors.com/

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 has carried out a drilling programme and generated a copper, gold, silver and zinc resource on which it is carrying out a feasibility study to bring the historically producing Empire Mine in Idaho, USA, back into production. It is also evaluating the silver and gold resources around three other past producing mines within the 23 km2 Empire claims block as well as cobalt in two claims blocks north of Empire 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 2020 and October 2020 for all metals. Present contained metal in all NI 43-101 compliant categories of resources, measured, indicated and inferred, stand at 355,523 ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of silver and 58,440 tonnes of zinc.

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.