Premier Gold Mines (TSX:PG)
Historical Stock Chart
1 Year : From Jan 2019 to Jan 2020
THUNDER BAY, ON, July 17, 2019 /CNW/ - Premier Gold Mines Limited ("Premier" or "The Company") (TSX:PG) is pleased to announce its second quarter production results for 2019.
Q2 2019 Production Highlights:
- 15,532 ounces of gold production at Mercedes
- 56,522 ounces of silver production at Mercedes
- 917 ounces of gold production from Phase 2 stockpiles at South Arturo
Mercedes Mine, Mexico
A total of 15,532 ounces of gold and 56,522 ounces of silver were produced from Mercedes during the second quarter of 2019 with mine production year to date coming predominantly from the Diluvio, Rey de Oro and Lupita zones.
Production from Mercedes during 2019 is weighted heavily toward the second half with output from Diluvio planned to account for approximately 52% of ounces produced. Given the importance of effectively executing the current mine plan, and to ensure continued success, delineation drilling is being increased and senior technical resources have been added to support the onsite geological team. Mining will also look to draw more heavily from the Rey de Oro and Lupita zones where grades are currently anywhere from 30% to 60% higher.
The Company recognizes the need to enhance mining flexibility and remains focused on the near-term development of new and existing zones. The objective is to increase the number of available mining faces to better manage grade while consistently filling the mill. Development of the drift from the Lagunas zone to the higher-grade Marianas deposit is a top priority. In addition, drilling will continue in the Diluvio/Lupita area, where significant extensions of the Lupita vein and new mineralized veins at San Martin and Margarita have recently been identified.
"Our recent progression into the lower grade Diluvio zone demands a very focused mining approach in order to realize Mercedes full potential," stated John Begeman, Executive Chairman of Premier. "We will continue to adjust to the challenges associated with lower grade ores while we exploit opportunities elsewhere in the mine. We have many positive developments elsewhere in the Company that will contribute to our success this year."
South Arturo Mine, Nevada
Processing of stockpiled material at the South Arturo Mine resulted in the first gold recovered in 2019. South Arturo is a joint venture property operated by the Nevada Gold Mines, a joint venture between Barrick Gold and Newmont Goldcorp ("Nevada Gold"), with Premier holding a 40% interest.
A total of 917 ounces of gold from stockpile were delivered during the quarter.
Longer-term production opportunities are being advanced with two additional developments underway. Both the Phase 1 open pit and the El Nino underground mine are now under construction with production expected to ramp up during the second half of 2019 at El Nino.
Development of the El Nino underground mine is progressing ahead of schedule and the joint venture is looking at opportunities to move the processing of the ore forward in the overall processing schedule. Processing of ore from El Nino is now expected during the current quarter. Processing of El Nino ore is a favorable development that is expected to positively impact the timing of production, cash flow and overall economics associated with the mine.
Q2 2019 financial results and conference call details
Full financial results for the six months ended June 30, 2019, will be released before market open on August 7, 2019 and a conference call with senior management will be held at 10:00am EST.
Details for the conference call and webcast can be found below and will be accessible on the Company's website.
Toll Free (North America): (+1) 888 390 0605
International: (+1) 416 764 8609
Conference ID: 61236542
Conference Call Replay
The conference call replay will be available from 1:00pm EST on August 7, 2019 until 11:59pm EST on August 14, 2019.
Toll Free Replay Call (North America): (+1) 888 390 0541
International Replay Call: (+1) 416 764 8677
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.
Stephen McGibbon, P. Geo., Executive Vice President, Corporate and Project Development, 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.
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