THUNDER BAY, ON, Sept. 27, 2019 /CNW/ - Premier Gold Mines
Limited (TSX:PG) (OTCPK: PIRGF) ("Premier", "the Company") is
pleased to announce that processing of ore has commenced from the
El Nino Mine at the Company's 40%-owned South Arturo Mine.
South Arturo is located in the Carlin Trend, Nevada and is a joint
venture between Premier and Nevada Gold
Mines ("Nevada Gold"), a joint venture company owned by
Barrick Gold Inc. (TSX:ABX) and Newmont-Goldcorp
(NYSE:NEM) with Barrick Gold Inc as operator.
The El Nino mine was developed on-time and on-budget, with ore
now being processed ahead of schedule. Gold production is
expected to ramp up in H2-2019, with a first gold bar pour having
been held on September 26, 2019 (see
figure 2). Premier attributable gold production estimated to meet
the high end of guidance for the year and the Company expects that,
owing to the high-grade ore at El Nino, South Arturo will have a
positive effect on cash flow for the Company.
"We are excited to once again realize the benefits of South
Arturo, increasing the Company's production profile with an
anticipated reduction in overall operating costs", stated
Ewan Downie, President and CEO of
Premier. "Premier continues to benefit from the stellar performance
of our partner, Nevada Gold, and its
demonstrated ability to consistently execute on schedule."
In the second half of 2019, surface and underground drilling
will resume in an effort to continue delineating and expanding
mineralization at El Nino. El Nino is a high-grade
underground deposit situated down plunge of the Phase 2 pit, where
mining was concluded in 2017. Pre-stripping of the Phase 1
open pit project, a second mine being constructed at South Arturo,
is ongoing with a target of production in H2-2020. Work is also
continuing to optimize heap leach material with a potential future
decision to proceed with the development of a heap leach facility
on the property.
Stephen McGibbon, P. Geo.,
Executive Vice-President Corporate & Project Development of
Premier, is a Qualified Person within the meaning of National
Instrument 43-101 and has reviewed and approved the technical
information contained in this press release.
The statements contained herein reflect the views of Premier
Gold Mines Limited and may not reflect the views of Barrick or its
affiliates.
Premier Gold Mines Limited is a gold-producer with a
respected exploration and development pipeline of high-quality
precious metal projects in proven, accessible and safe mining
jurisdictions in Canada,
the United States, and
Mexico. Premier remains focused on
creating a low-cost, mid-tier gold producer through its two
producing gold mines - South Arturo and Mercedes - as well as mine
development opportunities at McCoy-Cove in Nevada and Hardrock in Ontario.
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