THUNDER BAY, ON, Jan. 27, 2021 /CNW/ - Premier Gold Mines
Limited ("Premier") (TSX: PG) (OTCPK: PIRGF) is
pleased to announce that it has filed a technical report ("Report")
prepared for the Hardrock Project, in accordance with Canadian
Securities Administrators' National Instrument 43-101. The Report
may be found on the Company website or under the Company's profile
at www.sedar.com.
The independent report, dated January 26,
2021 (effective date December 16,
2020), titled "NI 43-101 Technical Report Hardrock Project
Ontario, Canada" was completed by G Mining Services Inc. and
provides detail to the disclosure contained in the Company's news
release issued on December 16, 2020.
Qualified persons for the Report include Louis-Pierre Gignac, P.Eng., G Mining Services
Inc., Réjean Sirois, P.Eng., G Mining Services Inc., James Purchase, P.Geo., G Mining Services Inc.,
Michael Franceschini, P.Eng.,
Ausenco Engineering Canada Inc., Tommaso
Raponi, P.Eng., Ausenco Engineering Canada Inc.,
Michelle Fraser, P. Geo., Stantec
Consulting Ltd., David Ritchie,
P.Eng., SLR Consulting Ltd., Mickey M.
Davachi, P.Eng., Wood plc, and Pierre Roy, P.Eng., Soutex Inc.
Hardrock Mine Project, operated by Greenstone Gold Mines, a
50/50 joint venture with Orion Mine Finance Group, is located on
the Trans-Canada Highway near Geraldton,
Ontario, Canada and represents one of the most significant
large-scale, permitted, mine development opportunities in
North America.
Highlights of the Study and updated life-of-mine Open Pit
Mine Plan ("LOM") on a 100% basis include:
- $1.05 Billion After-tax NPV5%
based on a US$1,400/oz gold price and
a $1.30 CAD to USD exchange rate
- 20.1 % After-tax Internal Rate of Return ("IRR")
- 3.2-year payback period
- AISC of $618 per oz and total
operating cost of $20.39 per
tonne
- 5.54 Moz of Proven & Probable mineral gold reserves
averaging 1.27 g/t Au (0.35 g/t Au cut-off grade)
- 5.05 Moz Total gold produced with a 91.2 % process recovery and
5.1 to 1 strip ratio
- 358,000 oz LOM average annual gold production
- 414,000 oz First five years average production at an average
head grade of 1.45 g/t Au
- $952 Million Initial capital cost
and total LOM sustaining capital of $323
million (Initial capital cost includes working capital and
IBA payments)
- Study does not include upside opportunity from the Hardrock
underground mineral resources, nor the Brookbank, Kailey and Key
Lake deposits
About Premier
Premier is a gold producer and respected exploration and
development company with a high-quality portfolio of precious
metals projects in proven, accessible and safe mining jurisdictions
in Canada, the United States and Mexico. On December 16,
2020, Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) and
Premier Gold Mines Limited (TSX: PG, OTCPK: PIRGF) announced that
the companies have entered into a definitive agreement whereby
Equinox Gold will acquire all of the outstanding shares of Premier.
Concurrently, Premier will spin-out to its shareholders shares of a
newly created US-focused gold production and development company to
be called i-80 Gold Corp.
Qualified Person
Stephen McGibbon, P. Geo.,
Executive Vice President, Corporate and Project Development, for
Premier, is the Qualified Person for the information contained in
this news release regarding Hardrock, is a Qualified Person within
the meaning of NI 43-101, and has approved the technical content of
this document.
All abbreviations used in this press release are available by
following this link (click here).
Certain statements in this release constitute "forward-looking
statements" or "forward-looking information" within the meaning of
applicable securities laws. Such statements and information involve
known and unknown risks, uncertainties and other factors that may
cause the actual results, performance or achievements of the
company, its projects, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements or
information. Such statements can be identified by the use of words
such as "may", "would", "could", "will", "intend", "expect",
"believe", "plan", "anticipate", "estimate", "scheduled",
"forecast", "predict" and other similar terminology, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. These statements reflect
the Company's current expectations regarding future events,
performance and results and speak only as of the date of this
release.
Forward-looking statements and information involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results and will not necessarily be accurate
indicators of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements or
information, including, but not limited to, the factors discussed
below and elsewhere in this release, as well as unexpected changes
in laws, rules or regulations, or their enforcement by applicable
authorities; the failure of parties to contracts with the company
to perform as agreed; social or labour unrest; changes in commodity
prices; and the failure of exploration programs or studies to
deliver anticipated results or results that would justify and
support continued exploration, studies, development or
operations.
Although the forward-looking statements contained in this
release are based upon what management of the company believes are
reasonable assumptions, the company cannot assure investors that
actual results will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this release and are expressly qualified in their entirety
by this cautionary statement. Subject to applicable securities
laws, the company does not assume any obligation to update or
revise the forward-looking statements contained herein to reflect
events or circumstances occurring after the date of this
release.
SOURCE Premier Gold Mines Limited