Bisha Mining Provides an Update on Bisha Operations

March 13, 2015

Bisha Mining Share Company (BMSC) reports that the processing plant at the Bisha Mine has been temporarily shut down due to a mechanical issue with the ball mill.  BMSC believes this temporary shutdown will not negatively impact its 2015 annual production guidance but may take approximately two weeks to resolve.  During this temporary shutdown, the mine plans to catch up on waste mining and accelerate other preventative maintenance that was scheduled for later in 2015.

Operating Update

Mining rates have continued to improve year-to-date in 2015 with both waste and ore mining ahead of schedule.  Copper production was also ahead of plan until this temporary shutdown.  Through the end of February 2015, the mill has processed over 365,000 tonnes of ore with copper feed grades at 4.6 percent, giving us confidence that our annual guidance will not be impacted.  Concentrate trucking and shipping logistics also continue to perform with capacity to export stockpiled copper concentrate, precious metal concentrate and pyrite sand material in 2015.

The Zinc Expansion project remains on track.  Civil work is nearing completion for most areas and steel work erection has commenced.  Major equipment and long-lead time items have been ordered.  Commissioning remains on-track for the mid-2016.

While conducting a planned routine ball mill inspection, it was decided to accelerate gearbox maintenance for the mill, initially scheduled for April, upon observing a cracked output shaft bearing.  The spare output shaft bearings were already onsite as critical spares however key tools and ancillary equipment are currently being expedited to site to complete the work already commenced with supplier Thyssen Polysius over the coming week.  Despite the estimated two week unplanned shutdown for this repair, this will save some time for the planned ball mill reline scheduled in Q2 2015.  During this temporary shutdown, the mine plans to catch up on waste mining and accelerate other preventative maintenance that was scheduled for later in 2015. 

The Company will provide an update on when the plant is back online.

Forward Looking Statements

The above contains forward-looking statements the Company’s mine operations and plant operations.Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimated,” “potential,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” occur or be achieved.  Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors.  The Company’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future.

Bisha Mining Share Company

“Cliff T. Davis”

Cliff T. Davis