Prime Mining Completes Acquisition of Los Reyes Gold-Silver Project


VANCOUVER, BRITISH COLUMBIA – July 20th, 2020 – Prime Mining Corp. (TSX.V: PRYM(OTCQB: PRMNF) (Frankfurt: A2PRDW) (“Prime” or the “Company”) is pleased to announce that the Company has completed the acquisition of the Los Reyes gold and silver property in Sinaloa, Mexico (“Los Reyes”) with a payment of US$1,500,000 to Vista Gold Inc. (“Vista”), which was made on July 17, 2020 (the “Acquisition Date”).  With this payment, Vista no longer retains two separate 2% net smelter royalties on production from open-pit or underground mining, or a back-in right to assume a 49% non-carried interest in any underground mining at Los Reyes.  Prime is required to pay Vista an additional US$2,100,000 through two payments of: (i) US$1,100,000 no later than six months from the Acquisition Date; and (ii) US$1,000,000 no later than twelve months from the Acquisition Date.  If the Company fails to make the two payments, Vista’s net smelter royalties and back-in right will be reinstated.

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