Shares Issued:
201,539,187
THUNDER BAY, ON, July 11, 2017 /CNW/ - PREMIER GOLD MINES
LIMITED ("Premier" or "The Company") (TSX:PG) is pleased to
provide an update of mining and development activities at the
Company's 40%-owned South Arturo Mine located in the Carlin Trend
of Nevada. The South Arturo
Mine is a joint venture between Premier and Barrick Gold
Corporation's wholly-owned subsidiary of Barrick Gold Exploration
Inc. ("Barrick"). Barrick is the operator and
processes ore from South Arturo at their Goldstrike facility
located approximately 5 kilometres to the south.
Mining at South Arturo has been extended early into the third
quarter in order to maximize production from the Phase 2 pit.
Premier now expects its share of 2017 production to exceed 45,000
ounces and will revisit 2017 annual guidance in its upcoming
quarterly production release. Ore from the current Phase 2
pit will continue to be processed at the Goldstrike facility in
H2-2017 and into 2018. As a result of the extended mining of
the Phase 2 pit, that included a redesigned ramp and steepened pit
wall (locally), drilling of the El Nino deposit from within the pit
will commence in mid H2-2017.
The joint venture continues to assess additional opportunities
for future development. The proposed Phase 1 open pit
development has been moved into the draft plan for detailed review.
If approved, development could begin in early 2019. Drilling
to complete additional metallurgical and geotechnical
characterization is underway at the Phase 1 pit and the potential
future Phase 3 pit.
Immediately following completion of mining in H2-2017, drilling
will commence from within the pit to further define the El Nino
underground deposit located down plunge of the current Phase 2 pit.
During H2-2017 more than 1,200 metres of core drilling and
3,000 metres of RC drilling will be completed in the Upper Zone to
increase confidence in the geological model and to support
additional metallurgical work. More than 2,000 metres of
Cubex drilling is also planned from the elevation of proposed
underground portals to infill gaps in the Upper Zone, delineate
potential voids, and condemn areas around planned underground
development.
Permitting work associated with the underground ramp to be
driven from the base of the Phase 2 pit is underway. Reclamation
Permit Amendments and the Class II Air Quality Operating Permit
have now been approved. Backfilling of the pit, required for
underground infrastructure and Cubex drilling, can be completed
following the current phase of mining.
"The South Arturo operation and joint venture has been a true
success. We have realized a significant return on our
investment and the resultant cash flows continue to support
near-term development projects without dilution to our
shareholders", stated Ewan Downie,
President & CEO. "Premier continues to evolve from explorer to
a mid-tier producer by advancing its portfolio of advanced-stage
projects in world-class mining jurisdictions".
In addition to continued development activities in and around
the Phase 2 pit, exploration initiatives elsewhere on the joint
venture property include drilling beginning in Q3-2017 at the
"Ardent Anticline" target, an area with favorable structures and
strong anomalous soil geochemistry.
Stephen McGibbon, P. Geo., is the
Qualified Person for the information contained in this press
release and is a Qualified Person within the meaning of National
Instrument 43-101.
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.
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 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 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