Shares Issued: 201,530,687
THUNDER BAY, ON, June 20, 2017 /CNW/ - PREMIER GOLD MINES
LIMITED (TSX:PG) ("Premier", "the Company") is pleased to
invite its shareholders and investors to meet its senior management
and board of directors at its Annual and General Meeting to be held
at 4:00pm EST on June 22, 2017 at the Board of Trade, 1 First
Canadian Place, Toronto,
Ontario. The AGM will be followed by a corporate presentation
at 4:30pm EST (with webcast from the
company's website www.premiergoldmines.com) and a
reception.
The presentation will include highlights of the Company's
expected production, development and exploration initiatives
including:
- Its wholly-owned Mercedes Mine in Mexico, and its 40% joint venture with Barrick
at the South Arturo Mine in Nevada.
- Exploration programs at McCoy-Cove and Goldbanks in
Nevada.
- An update on development plans of the Greenstone Gold Property,
a 50-50 joint venture feasibility-stage project with Centerra Gold
in northern Ontario.
Premier has successfully built a strong treasury of $147.3 million at the end of Q1 as a result of
solid operating results since the commencement of production in
August of 2016. Guidance for 2017 remains on track for
125,000 to 135,000 ounces of gold at all-in-sustaining costs of
US$660 - US$690 per ounce. The
Company has planned for an aggressive exploration and development
campaign in 2017 in order for Premier to continue its upward
trajectory of organic growth.
"Having undergone a successful transition from explorer to
producer, we are now focused on increasing our cash balance and
developing and optimizing our portfolio of well-located advanced
projects" stated Ewan Downie,
President & CEO of Premier. "Given the potential upside
of several of our projects, we plan to execute the largest annual
exploration and development campaign in our Company's history."
In Nevada, the McCoy-Cove
Project will be advanced towards the release of a Preliminary
Economic Assessment in H2-2017. Hydrological and
metallurgical test work is underway along with a substantial drill
program. Other drill programs are underway at the Goldbanks
joint venture with Kinross in
Nevada, the wholly owned Hasaga
Project in Red Lake, and the
Alto-Christina Project in Mexico. At the Greenstone Gold
Property joint venture with Centerra, preparation of EA and EIS
documents are in the finals stages with submissions expected in Q3
2017.
Webcast Information
For those that cannot attend in person the presentation can be
viewed at 4:30pm EST via webcast from
the company's website www.premiergoldmines.com or via the link
below.
Webcast URL:
https://event.on24.com/wcc/r/1440253/EC4B6EF6B98E5DCA9D1E2C8BF45496F3
The webcast replay will be available 9:00am EDT on June 23,
2017 until 11:59 pm EST on
June 21, 2018 from the above
link.
2017 Guidance
Production estimates for 2017 have been derived from life of
mine operating plans prepared on the basis of mineral reserves
associated with each property. Assumptions underlying 2017 gold
production estimates for South Arturo and Mercedes are presented in
the tables below.
|
2017 Gold
Production Guidance
|
US$, unless
otherwise noted
Mine
|
Production
ounces
|
Realized Gold Price
per ounce
|
Cash Cost per
ounce
|
AISC per
ounce
|
South
Arturo
|
40,000 -
45,000
|
$1,250
|
$440 -
$470
|
$450 -
$480
|
Mercedes
|
85,000 -
90,000
|
$1,250
|
$680 -
$710
|
$810 -
$840
|
Consolidated
|
125,000 -
135,000
|
$1,250
|
$580 -
$610
|
$660 -
$690
|
Premier Gold Mines Limited is a gold-producer and
respected exploration and development company with a high-quality
pipeline of precious metal projects in proven, accessible and safe
mining jurisdictions in Canada,
the United States, and
Mexico.
Non-IFRS Measures
The Corporation has included certain terms or performance
measures commonly used in the mining industry that are not defined
under International Financial Reporting Standards ("IFRS") in this
document. These include: cash cost per ounce sold, all in
sustaining cost ("AISC") per ounce sold and average realized price
per ounce. Non-IFRS measures do not have any standardized meaning
prescribed under IFRS, and therefore, they may not be comparable to
similar measures employed by other companies. The data presented is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures prepared in
accordance with IFRS and should be read in conjunction with the
Corporation's consolidated financial statements. Readers
should refer to the Corporation's Management Discussion and
Analysis under the heading "Non-IFRS Measures" for a more detailed
discussion of how such measures and are calculated.
Cautionary Note
This Press Release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward-looking information includes, but
is not limited to, statements about production and exploration
potential and the Mercedes mine, South Arturo, McCoy-Cove and
Hasaga, strategic plans, including future operations, future work
programs, capital expenditures, discovery and production of
minerals, price of gold and currency exchange rates, timing of
geological reports, preliminary economic assessment and corporate
and technical objectives. Forward-looking information is
necessarily based upon a number of assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information, including the risks
inherent to the mining industry, adverse economic and market
developments and the risks identified in Premier's annual
information form under the heading "Risk Factors". There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. All
forward-looking information contained in this press release is
given as of the date hereof and is based upon the opinions and
estimates of management and information available to management as
at the date hereof. Premier disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Premier Gold Mines Limited