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
Webcast Link
https://event.on24.com/wcc/r/2048664/19E82578B099665BFCD580E9828E4B74
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
Passcode: 236542#
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