Updated 43-101 Resource At The Empire Mine Project

VANCOUVER - ExGen Resources Inc. reported an update in respect of Phoenix Copper Ltd.’s exploration and development activities at the Empire Mine Project in Idaho. Highlights; New NI 43-101 resource reported at the Empire Mine oxide open pit based on future recovery of copper, zinc, gold and silver increases Measured & Indicated resources increased by 27% ; & Measured & Indicated open pit resource using a combined metal cut-off grade of 0.36% copper equivalent, compared with the previously reported resource using a copper-only cut-off of 0.184%, has increased.

Jason Riley, CEO, said, “I am pleased to see the large increase in the polymetallic resource at Empire. Our M+I tonnes increased by 27%, with the gold M+I seeing the largest increase at 56%. Of note, our inferred resource tonnes also increased by an impressive 147%.”

In May 2019 an NI 43-101 resource on the oxide copper deposit at Empire was generated for a heap leach SX/EW open pit to recover copper. This heap leach operation would not recover gold and silver unless a separate heap leach precious metals operation was built on completion of the copper leaching operation.  With an agitation leach plant to recover copper and zinc followed by a gold/silver Merrill Crowe recovery circuit as an alternative to the heap leach operation it was decided to evaluate the resources based on the recovery of copper, zinc, gold and silver. With the gold price performance since the 2019 resource calculation this has been an increasingly attractive alternative to the heap leach option.

Based on the examination of the distribution of gold, silver, and zinc values, and independent of copper values, from the assays used in the May 2019 Empire oxide resource, HRC estimated this updated NI 43-101 resource using the value of all gold, silver, copper and zinc in the deposit using a combined metal cut-off grade of 0.36% copper equivalent.  The Measured & Indicated Empire Mine open pit resource based on a combined metal cut-off grade of 0.36% copper equivalent, compared with the May 2019 resource at a copper-only cut-off of 0.184%.