News Release

Trevali intersects high-grade zinc mineralization - expands Magistral Central & South zones and discovers New Zone at Santander Mine in Peru

December 1, 2015

Highlights include: 15.2 metres* of 11.5% Zn at South-Central; 9.95 metres* of 8.3% Zn at South; and 25 metres* of 4.1% Zn in New Zone

Vancouver, British Columbia: Trevali Mining Corporation ("Trevali" or the "Company") (TSX: TV; BVL: TV; OTCQX: TREVF; Frankfurt: 4TI) announces results of an additional ten drill holes from its 2015 exploration program designed to test the deeper levels, below the currently defined resources and mine plan, of the Magistral Central and South deposits at its Santander Zinc mine in Peru. All ten drill holes intersected significant zinc-lead-silver mineralization with the majority returning zinc grades materially higher, ranging from approximately plus-25-to-150%, than those currently being exploited (Table 1). Borehole SAN-0215 intersected a new zone of thick semi-massive to massive sulphide replacement mineralization in the footwall of Magistral Central zone which requires additional drill-testing. All targets remain open for expansion and drilling is ongoing:

Table 1: Summary of Drill Assay Results.

Zone / Borehole (dip/azimuth) From - To (metres) Zone / Core Length Interval* (metres) Zn (%) Pb (%) Ag oz/ton (g/t)
(-69?? / 058??)
365.7 - 375.65 MS / 9.95 8.29 1.17 1.18 (40.5)
(-69?? / 078??)
365.4 - 370.20 MS / 4.80 8.44 0.37 0.62 (21.2)
(-63?? / 091??)
357.55 -365.60 MS / 8.05 7.41 0.05 0.11 (3.7)
(-65?? / 063??)
408.15 - 423.50 MS / 15.35 7.37 0.06 0.57 (19.6)
(-62?? / 048??)
399.70 - 414.90 MS-MC / 15.20 11.54 0.58 0.46 (15.9)
Incl. 412.45 - 414.90 MS-MC / 2.45 9.59 3.20 2.07 (71.1)
(-64?? / 074??)
414.85 - 421.80 MS / 6.95 6.43 0.04 0.33 (11.2)
(-66?? / 037??)
433.00 - 439.16 MC / 6.16 7.94 0.08 0.19 (6.5)
(-70.89?? / 48.36??)
461.00-481.40 MC-MS / 20.40 7.27 0.02 0.68 (23.4)
496.80-521.95 NZ / 25.15 4.09 0.02 0.06 (2.2)
(-33?? / 120??)
56.6 - 71.4 FA / 14.8 9.07 0.50 2.01 (68.9)
(-42?? / 350??)
87.5 - 92.50 FA / 5.00 7.87 0.25 0.16 (5.6)


*True widths of the mineralized intervals are estimated at 85-95% of core length. (MS-Magistral South; MC-Magistral Central; NZ-New Zone; FA-Fatima)

Figure 1: Cross section looking west (240 degrees) showing Magistral Central (MC), Magistral South (MS) and Fatima zones (illustrative only) with drill hole locations.

"The Company is pleased with the ongoing exploration successes at Santander where the team continues to demonstrate the ability to convert exploration success into demonstrable value by adding mill feed in a timely manner," stated Dr. Mark Cruise, President and CEO of Trevali. "We look forward to continued exploration successes on the large and under-explored Santander property where all the principal Magistral and associated zones and prospects including the former Santander Pipe remain open for expansion, in addition to several earlier-stage high-priority targets on located on the productive Magistral Trend."


The latest phase of drilling focused on extending the known mineralization in the area below and between the Magistral Central and South zones in addition to testing the uppermost portions of a large downhole electromagnetic geophysical anomaly that is interpreted to indicate a merging of the Magistral zones at depth (Figure 1 and News Release October 24, 2011 for details). Drill holes SAN-208 through to SAN-215 all successfully intersected high-grade, zinc-dominated massive-sulphide mineralization and clearly demonstrate the union of the Magistral Central and South zones at these levels.

Base metal grade is increasing with depth and mineral system analysis suggests a geological setting in the upper mid-levels of a large-to-very-large (intrusion related) carbonate replacement system with very significant depth and lateral potential remaining for testing.

Drilling from both surface and underground is ongoing at Magistral Central, South and Fatima deposits. Underground drilling at Magistral North (below the 4370 level) is planned to commence in Q4.


The New Zone located in the footwall of the Magistral Central Zone is characterized by massive carbonate replacement by coarse-grain sulphide mineralization (Figure 2). Massive to semi-massive low-iron sphalerite and pyrrhotite mineralization is hosted in epidote-garnet skarnified limestone. The style of mineralization is similar to the Santander Pipe deposit located 2-km to the south (that also remains open for expansion at depth). This New Zone remains open to the north, south, east, and to depth, and additional drilling is required to determine its ultimate size potential.

Figure 2: Geologic cross section parallel to hole SAN-0215 (looking NW) illustrating Magistral Central and the New Zone.

Qualified Person and Quality Control/Quality Assurance

EurGeol Dr. Mark D. Cruise, Trevali's President and CEO and Daniel Marinov, P.Geo, Trevali's VP Exploration, are qualified persons as defined by NI 43-101, have supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Marinov is responsible for all aspects of the work, including the quality control/quality assurance programs. Dr. Cruise is not independent of the Company, as he is an officer, director and shareholder. Mr. Marinov is not independent of the Company as he is an officer and shareholder. Drill core samples were processed and assayed in the Santander mine onsite laboratory. Zinc, lead and silver, assays were obtained by Aqua-Regia dissolution followed by Atomic Absorption measurement. Values of lead and zinc over 15% are assayed by volumetric method. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Blind certified reference material is inserted at regular intervals into the sample sequence by Trevali personnel in order to independently assess analytical accuracy. The onsite laboratory is outsourced and managed by SGS-Peru personnel. SGS-Peru's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. Finally, representative blind duplicate samples are routinely forwarded to an ISO compliant third party laboratory for external quality control.


Trevali is a zinc-focused, base metals mining company with one producing operation in Peru and another currently undergoing commissioning in Canada.

In Peru, the Company is actively producing zinc and lead-silver concentrates from its 2,000-tonne-per-day Santander mine.

In Canada, Trevali owns the Caribou mine and mill, Halfmile mine and Stratmat deposit all located in the Bathurst Mining Camp of northern New Brunswick. The Company is currently commissioning its 3,000-tonne-per-day Caribou mine.

All of the Company's deposits remain open for expansion.

The common shares of Trevali are listed on the TSX (symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and the Frankfurt Exchange (symbol 4TI). For further details on Trevali, readers are referred to the Company's website ( and to Canadian regulatory filings on SEDAR at

On Behalf of the Board of Directors of
"Mark D. Cruise" (signed)
Mark D. Cruise, President

Contact Information:
Steve Stakiw
Vice President, Investor Relations and Corporate Communications

Phone: (604) 488-1661 / Direct: (604) 638-5623

This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and the Company does not intend, and does not assume any obligation to, update such statements containing the forward-looking information. Such forward-looking statements and information include, but are not limited to statements as to: the Company's plan to prepare a new PEA for its Halfmile and Stratmat properties, the accuracy of estimated mineral resources, anticipated results of future exploration, and forecast future metal prices, expectations that environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect estimates of mineral resources. These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.

These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this news release and the company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in spot and forward markets for silver, zinc, base metals and certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in currency markets (such as the Canadian dollar and Peruvian sol versus the U.S. dollar); risks related to the technological and operational nature of the Company's business; changes in national and local government, legislation, taxation, controls or regulations and political or economic developments in Canada, the United States, Peru or other countries where the Company may carry on business in the future; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits and the presence of laws and regulations that may impose restrictions on mining,; diminishing quantities or grades of mineral resources as properties are mined; global financial conditions; business opportunities that may be presented to, or pursued by, the Company; the Company's ability to complete and successfully integrate acquisitions and to mitigate other business combination risks; challenges to, or difficulty in maintaining, the Company's title to properties and continued ownership thereof; the actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors; increased competition in the mining industry for properties, equipment, qualified personnel, and their costs. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

Trevali's production plan at the Caribou Mine is based only on measured, indicated and inferred resources, and not mineral reserves, and does not have demonstrated economic viability. Trevali's production plan at the Santander Mine is based only on indicated and inferred mineral resources, and not mineral reserves, and does not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is therefore no certainty that the conclusions of the production plans and Preliminary Economic Assessment (PEA) will be realized. Additionally, where Trevali discusses exploration/expansion potential, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

We advise US investors that while the terms "measured resources", "indicated resources" and "inferred resources" are recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize these terms. US investors are cautioned not to assume that any part or all of the material in these categories will ever be converted into reserves.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States, absent such registration or an applicable exemption from such registration requirements.

The TSX has not approved or disapproved of the contents of this news release.