Bunker Hill Mining Corp. (“Bunker
Hill” or the
“Company”) (TSXV:BNKR |
OTCQX:BHLL) is pleased to provide an update on our construction
progress and production timeline at its Bunker Hill Mining project
in the Silver Valley, Idaho., USA.
“We are pleased to report that the construction
of the Silver Valley’s largest and most modern mineral processing
facility continues on schedule,” stated Sam Ash, President and CEO;
“and we are on track to complete construction and start production
in the first half of 2025.”
RECENT MILESTONES INCLUDE:
Safety
- Excellent safety
performance with zero reportable and lost time injuries.
Processing Facility
- The 1800 tpd
Processing Facility building and its Motor Control Centre (MCC)
have been fully constructed and connected to 13.8KV grid power.
Internal construction activities, enabled by the operational 20t
internal crane are now focused on placing the mezzanine floors,
fully refurbished floatation cells and associated mechanical
equipment.
- The fully
refurbished Ball Mills (Main and Regrind) are set and being
connected to motor drives in advance of being energized.
- Preparation for
installing internal piping, electrical, controls and associated
systems within the facility has also commenced.
- The on-site Zinc
and Lead-Silver Concentrate Load-Out Facility and its adjacent
weigh-scales are 85% complete and ready to receive its
roofing.
- The Crusher Tower
base is now ready to mount the two on-site Metso Cone Crushers and
be connected to the Ore Hopper and Processing facilities with the
on-site Rapat conveyor system.
- The 82 deep piers
for the foundations of the on-site the Tailings Filter Press have
been drilled and placed, in advance of the main concrete base being
poured.
Figure 1 - Interior of mill facility
with lead concentrate thickener in the forefront and ball mills in
the background
Figure 2 - Primary ball mill with
control room in place in the upper right
Figure 3 - Fully clad and weatherproofed
mill building
Underground
- The second mining
team was recruited from the local community, on-boarded and began
operations in September, materially increasing the pace of
activity.
- Additional
essential underground mining equipment includes a 6-yard CAT
loader, a 20-ton Dux underground haul truck, mobile power load
centers (MLC), underground utility vehicles, and several surface
light vehicles.
- The underground
primary ventilation fan has been commissioned and is now in
continuous operation, providing 100% of the required ventilation at
75% of its total capacity.
- The refurbishment
of the ramp between the 7 and 8 levels continues at an average rate
of 30 feet/day, concurrent with excavating an underground
maintenance shop.
Figure 4 - 20-ton underground haul
truck
Figure 5 - Isometric
view of rehab progress with first production stope
identified
Systems and Recruitment
- The rollout of the
Pronto ERP system is 50% complete and on track to be operational on
January 6, 2025. This, combined with recruiting new on-site
accounting, accounts payable, and supply-chain staff, significantly
improves the long-term robustness of financial management
systems.
- Key staff recruited
over the last month include a Supply Chain Manager, an Accounts
Payable Accountant, a Process Maintenance General Supervisor, and
seven highly skilled Underground Miners.
ABOUT BUNKER HILL MINING
CORP.
Under Idaho-based leadership, Bunker Hill
intends to sustainably restart and develop the Bunker Hill Mine as
the first step in consolidating and optimizing several mining
assets into a high-value portfolio of operations initially centered
in North America. Information about the Company is available on its
website, www.bunkerhillmining.com, or within the SEDAR+ and EDGAR
databases.
On behalf of Bunker Hill Mining
Corp.
Sam AshPresident and Chief Executive Officer
For additional information, please
contact:
Brenda DaytonVice President, Investor
RelationsT: 604.417.7952E: brenda.dayton@bunkerhillmining.com
Cautionary Statements
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this news
release.
Certain statements in this news release are
forward-looking and involve a number of risks and uncertainties.
Such forward-looking statements are within the meaning of that term
in Section 27A of the Securities Act and Section 21E of the U.S.
Securities Exchange Act of 1934, as amended, as well as within the
meaning of the phrase ‘forward-looking information’ in the Canadian
Securities Administrators’ National Instrument 51-102 – Continuous
Disclosure Obligations (collectively, “forward-looking
statements”). Forward-looking statements are not comprised
of historical facts. Forward-looking statements include estimates
and statements that describe the Company’s future plans, objectives
or goals, including words to the effect that the Company or
management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
“believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,
“would”, “will”, “plan” or variations of such words and
phrases.
Forward-looking statements in this news release
include, but are not limited to, statements regarding: the
Company’s objectives, goals or future plans, including the restart
and development of the Bunker Hill Mine; the achievement of future
short-term, medium-term and long-term operational strategies; the
Silver Loan; the Company receiving TSX-V approval for the issuance
of the Warrants and the Warrant Shares; and the timing and
advancement of additional tranches of the Silver Loan and
additional Warrants. Factors that could cause actual results to
differ materially from such forward-looking statements include, but
are not limited to, those risks and uncertainties identified in
public filings made by Bunker Hill with the U.S. Securities and
Exchange Commission (the “SEC”) and with
applicable Canadian securities regulatory authorities, and the
following: the Company not receiving the approval of the TSX-V for
the issuance of the Warrants and the Warrant Shares; the Company’s
inability to raise additional capital for project activities,
including through equity financings, concentrate offtake financings
or otherwise; the fluctuating price of commodities; capital market
conditions; restrictions on labor and its effects on international
travel and supply chains; failure to identify mineral resources;
failure to convert estimated mineral resources to reserves; the
preliminary nature of metallurgical test results; the Company’s
ability to restart and develop the Bunker Hill Mine and the risks
of not basing a production decision on a feasibility study of
mineral reserves demonstrating economic and technical viability,
resulting in increased uncertainty due to multiple technical and
economic risks of failure which are associated with this production
decision including, among others, areas that are analyzed in more
detail in a feasibility study, such as applying economic analysis
to resources and reserves, more detailed metallurgy and a number of
specialized studies in areas such as mining and recovery methods,
market analysis, and environmental and community impacts and, as a
result, there may be an increased uncertainty of achieving any
particular level of recovery of minerals or the cost of such
recovery, including increased risks associated with developing a
commercially mineable deposit, with no guarantee that production
will begin as anticipated or at all or that anticipated production
costs will be achieved; failure to commence production would have a
material adverse impact on the Company's ability to generate
revenue and cash flow to fund operations; failure to achieve the
anticipated production costs would have a material adverse impact
on the Company’s cash flow and future profitability; delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals; political risks; changes
in equity markets; uncertainties relating to the availability and
costs of financing needed in the future; the inability of the
Company to budget and manage its liquidity in light of the failure
to obtain additional financing, including the ability of the
Company to complete the payments pursuant to the terms of the
agreement to acquire the Bunker Hill Mine complex; inflation;
changes in exchange rates; fluctuations in commodity prices; delays
in the development of projects; and capital, operating and
reclamation costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry. Although the Company believes that the assumptions and
factors used in preparing the forward-looking statements in this
news release are reasonable, undue reliance should not be placed on
such statements or information, which only applies as of the date
of this news release, and no assurance can be given that such
events will occur in the disclosed time frames or at all, including
as to whether or when the Company will achieve its project finance
initiatives, or as to the actual size or terms of those financing
initiatives. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein.
Readers are cautioned that the foregoing risks
and uncertainties are not exhaustive. Additional information on
these and other risk factors that could affect the Company’s
operations or financial results are included in the Company’s
annual report and may be accessed through the SEDAR+ website
(www.sedarplus.ca) or EDGAR on the SEC website (www.sec.gov).
Photos accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ad9f24a-f80e-4621-9c53-7dbe19ead152
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a7a7a22-1a87-47cd-ad4f-6747cd461520
https://www.globenewswire.com/NewsRoom/AttachmentNg/9573ec96-d8e6-418b-a74c-68a31c173836
https://www.globenewswire.com/NewsRoom/AttachmentNg/ffc0bd30-a6e7-40db-bd20-06f4e6a9a9cb
https://www.globenewswire.com/NewsRoom/AttachmentNg/37affa8e-0582-45aa-904b-b2b6c467dee6
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