Effective January 1,
2018, the Company has changed its presentation currency to
U.S. dollars. This change is applied retroactively to restate
comparative financial statements. Unless otherwise stated, all
amounts discussed herein are denominated in U.S. dollars
(2)
THUNDER BAY, ON, Nov. 6, 2018 /CNW/ - PREMIER GOLD MINES
LIMITED (TSX: PG) ("Premier", "the Company") is pleased to
announce operating results for the three months ended September 30, 2018. The Company previously
released its production results for the third quarter in a news
release dated October 16, 2018.
Premier is a gold-producer and respected exploration and
development company with high-quality precious metal projects in
proven, accessible and safe mining jurisdictions in Canada, the United
States, and Mexico.
Premier's team is focused on creating a low-cost, mid-tier
gold-producer from its two producing gold mines and two
advanced-stage, multi-million ounce, development projects.
2018 Third Quarter Highlights
- Consolidated production of 20,100 ounces of gold and 89,512
ounces of silver
- Cash costs1 of $858
per ounce of gold sold
- AISC1 of $1,008 per
ounce of gold sold
- Revenue of $27.3 million
- Mine operating income of $2.0
million
- Net loss of $1.8 million
- Cash balance of $56.4
million
- Construction underway of two new mining centers at South
Arturo
- High-grade gold discovery at the McCoy-Cove joint venture
property
2018 Financial Highlights – Three months ended September 30, 2018
A total of 20,100 ounces of gold and 89,512 ounces of silver was
produced during Q3 2018 compared to 26,677 ounces of gold and
85,431 ounces of silver during Q3 2017. Co-product cash
costs(1) during the period were $858 and AISC(1) were $1,008 per ounce of gold sold.
The Company reported $27.3 million
in revenue during the third quarter compared to $50.0 million during Q3 2017. The reduction in
revenue and operating income, when compared to Q3 2017, is a result
of decreased production from South Arturo where mining of the Phase
2 pit was completed in 2017 and adjustments to stope designs in a
new mining zone at Mercedes. This redesign at Mercedes resulted in
a development-intensive first half of the year and increased unit
operating costs so far in 2018. With adjustments complete,
production at Mercedes will be favorably weighted to the second
half of 2018.
In keeping with its longer-term objective of increased annual
production over the next several years, the Company invested
$5.2 million in exploration and
pre-development initiatives. This expense when factored with the
reduction in mine operating income during the period contributed to
the net loss of $1.8 million. Capital
expenditures during the quarter totaled $8.5
million, which includes the construction of two new mining
projects that have been initiated at South Arturo.
The Company closed the quarter with cash and cash equivalents of
$56.4 million and inventory of 2,555
ounces of gold and 19,988 ounces of silver.
Consolidated quarter and year to date operating results are
provided in Table 1 below.
Table 1: Selected Consolidated Operational and Financial
Information
|
|
|
Three months
ended
September 30
|
Nine months
ended
September 30
|
(in millions of
U.S. dollars, unless otherwise
stated) (iv)
|
|
2018
|
2017
|
2018
|
2017
|
Ore milled
|
tonnes
|
180,942
|
235,881
|
672,613
|
847,073
|
|
|
|
|
|
|
Gold
produced
|
ounces
|
20,100
|
26,677
|
66,657
|
115,273
|
Silver
produced
|
ounces
|
89,512
|
85,431
|
201,084
|
280,819
|
Gold sold
|
ounces
|
21,466
|
37,920
|
71,383
|
132,726
|
Silver
sold
|
ounces
|
85,376
|
90,545
|
209,684
|
261,735
|
Realized
Price (2017 as restated)
(iii)
|
|
|
|
|
|
Average realized gold
price (i,ii)
|
$/ounce
|
1,209
|
1,282
|
1,268
|
1,252
|
Average realized
silver price (i,ii)
|
$/ounce
|
15
|
17
|
16
|
17
|
Non-IFRS
Performance Measures
|
|
|
|
|
|
Co-product cash costs
per ounce of gold sold (i,ii)
|
$/ounce
|
858
|
646
|
826
|
496
|
Co-product all-in
sustaining costs per ounce of gold sold
(i,ii)
|
$/ounce
|
1,008
|
782
|
956
|
595
|
Co-product cash costs
per ounce of silver sold (i,ii)
|
$/ounce
|
10
|
10
|
11
|
9
|
Co-product all-in
sustaining costs per ounce of silver sold
(i,ii)
|
$/ounce
|
12
|
13
|
13
|
11
|
By-product cash costs
per ounce of gold sold (i,ii)
|
$/ounce
|
840
|
632
|
810
|
481
|
By-product all-in
sustaining costs per ounce of gold sold
(i,ii)
|
$/ounce
|
997
|
776
|
946
|
584
|
Financial
Measures (2017 as restated)
(iii)
|
|
|
|
|
|
Gold
revenue
|
m $
|
25.8
|
48.5
|
90.2
|
165.7
|
Silver
revenue
|
m $
|
1.5
|
1.5
|
3.8
|
4.4
|
Total
revenue
|
m $
|
27.3
|
50.0
|
94.0
|
170.1
|
Mine operating
income
|
m $
|
2.0
|
13.8
|
10.5
|
56.8
|
Net income /
(loss)
|
m $
|
(1.8)
|
2.3
|
(11.5)
|
19.8
|
Earnings / (loss) per
share
|
/share
|
(0.01)
|
0.01
|
(0.06)
|
0.10
|
EBITDA
(i,ii)
|
m $
|
4.9
|
16.1
|
14.7
|
74.7
|
Cash & cash
equivalents balance
|
m $
|
56.4
|
137.6
|
56.4
|
137.6
|
Cash flow from
operations
|
m $
|
(2.8)
|
22.7
|
(3.2)
|
64.1
|
Free cash flow
(i,ii)
|
m $
|
(11.3)
|
15.3
|
(23.0)
|
47.8
|
Exploration,
evaluation & pre-development expense
|
m $
|
5.2
|
5.6
|
17.8
|
20.5
|
Total capital
expenditures (iii)
|
m $
|
8.5
|
7.4
|
19.9
|
16.3
|
Capital expenditures -
sustaining (i,ii)
|
m $
|
1.9
|
4.0
|
5.5
|
8.2
|
Capital expenditures -
expansionary (i,ii)
|
m $
|
6.6
|
3.4
|
14.4
|
8.1
|
|
(i)
|
A cautionary note
regarding Non-IFRS financial metrics is included in the "Non-IFRS
Measures" section of the Q3 2018 Management's Discussion and
Analysis.
|
(ii)
|
Cash costs, all-in
sustaining costs, free cash flow, EBITDA, sustaining and
expansionary capital expenditures as well as average realized
goldsilver price per ounce are Non-IFRS metrics and discussed in
the section "Non-IFRS Measures" of the Q3 2018 Management's
Discussion and Analysis.
|
(iii)
|
2017 restated for the
presentation currency change as discussed in the "Critical
Accounting Judgements and Estimates, Policies and Changes" section
of this Management's Discussion and Analysis.
|
(iv)
|
May not add due to
rounding.
|
South Arturo
The South Arturo Mine in Nevada, a joint venture operated by Barrick
Gold Corporation ("Barrick"), continued to over perform during the
quarter. Processing of stockpiled ore from the Phase 2 open
pit during the third quarter contributed to gold production in
excess of initial 2018 guidance with a total of 20,403 ounces
delivered to Premier year-to-date.
Construction at two new mining centers at South Arturo has
commenced with stripping of the Phase 1 open pit and development of
the El Nino underground mine.
Quarter and year to date operating results are provided in Table
2 below.
Table 2: South Arturo Selected Financial and Operating
Results
|
|
|
Three months
ended
September 30
|
Nine months
ended
September 30
|
(in millions of
U.S. dollars, unless otherwise stated)
(v)
|
|
2018
|
2017
|
2018
|
2017
|
Ore &
Metals
|
|
|
|
|
|
Ore milled
|
tonnes
|
21,334
|
79,479
|
190,249
|
345,998
|
Gold
produced
|
ounces
|
2,635
|
8,113
|
20,403
|
52,652
|
Gold sold
|
ounces
|
1,932
|
13,026
|
19,996
|
64,559
|
Silver
produced
|
ounces
|
1,122
|
2,575
|
10,958
|
19,918
|
Average gold
grade
|
grams/t
|
4.48
|
3.79
|
3.96
|
5.42
|
Average gold recovery
rate
|
%
|
85.7
|
83.8
|
84.2
|
87.4
|
Realized
Price (2017 as restated)
(iv)
|
|
|
|
|
|
Average realized gold
price (i,ii)
|
$/ounce
|
1,200
|
1,264
|
1,306
|
1,249
|
Non-IFRS
Performance Measures
|
|
|
|
|
|
Co-product cash costs
per ounce of gold sold (i,ii)
|
$/ounce
|
396
|
363
|
421
|
295
|
Co-product all-in
sustaining costs per ounce of gold sold
(i,ii)
|
$/ounce
|
498
|
371
|
465
|
336
|
By-product cash costs
per ounce of gold sold (i,ii,iii)
|
$/ounce
|
396
|
363
|
421
|
295
|
By-product all-in
sustaining costs per ounce of gold sold
(i,ii,iii)
|
$/ounce
|
498
|
371
|
465
|
336
|
Financial
Measures (2017 as
restated) (iv)
|
|
|
|
|
|
Gold
revenue
|
m $
|
2.3
|
16.5
|
26.1
|
80.6
|
Mine operating
income
|
m $
|
1.0
|
6.7
|
11.7
|
30.2
|
Exploration,
evaluation & pre-development expense
|
m $
|
0.4
|
0.4
|
1.1
|
0.5
|
Total capital
expenditures (iv)
|
m $
|
2.8
|
0.5
|
4.8
|
0.6
|
Capital expenditures -
sustaining (i,ii)
|
m $
|
-
|
-
|
-
|
0.1
|
Capital expenditures -
expansionary (i,ii)
|
m $
|
2.8
|
0.5
|
4.8
|
0.5
|
|
(i)
|
A cautionary note
regarding Non-IFRS metrics is included in the "Non IFRS Measures"
section of the Q3 2018 Management's Discussion and
Analysis.
|
(ii)
|
Cash costs, all-in
sustaining costs, sustaining and expansionary capital expenditures
as well as average realized goldsilver price per ounce are Non-IFRS
metrics and discussed in the section "Non-IFRS Measures" of the Q3
2018 Management's Discussion and Analysis.
|
(iii)
|
Given the small
nature and timing of South Arturo silver output, no silver
by-product credits are reported.
|
(iv)
|
2017 restated for the
presentation currency change as discussed in the "Critical
Accounting Judgements and Estimates, Policies and Changes" section
of this Management's Discussion and Analysis.
|
(v)
|
May not add due to
rounding.
|
South Arturo produced a total of 2,635 ounces of gold during the
third quarter compared to 8,113 ounces during the corresponding
period last year. This was expected, as the source of Phase 2
production transitioned to lower grade stockpiled ore. Processing
of lower grade Phase 2 ore is expected to continue on a limited
basis for the remainder of the year. El Nino underground
development and Phase 1 open pit stripping continue to ramp up in
anticipation of production in 2019. Cash costs(1) for Q3
2018 were $396 and AISC(1)
were $498 per ounce of gold sold.
Capital expenditures of $2.8
million were mainly related to stripping for the Phase 1
open pit, along with exploration at El Nino. Both portals are
now collared at El Nino and stripping of the Phase 1 pit has
proceeded to several benches utilizing a fully-autonomous trucking
fleet. Stockpiling of potential heap leach material has
started.
Drilling in 2018 will continue to focus on near-pit delineation,
underground expansion, and testing of additional prospective target
areas.
Mercedes
The Mercedes Mine is 150 kilometers northeast of the city of
Hermosillo in the state of Sonora, Mexico. Operations are
exploiting low-sulfidation quartz veins and quartz veinlet
stockwork for gold and silver utilizing underground modified
overhand cut-and-fill and longhole mining methods at an ore
extraction rate targeting 2,000 tonnes per day.
Quarter and year to date operating results are provided in Table
3 below.
Table 3: Mercedes Selected Financial and Operating Results
|
|
|
Three months
ended
September 30
|
Nine months
ended
September 30
|
(in millions of
U.S. dollars, unless otherwise stated)
(iv)
|
|
2018
|
2017
|
2018
|
2017
|
Ore milled
|
tonnes
|
159,608
|
156,402
|
482,364
|
501,075
|
Gold
produced
|
ounces
|
17,465
|
18,564
|
46,254
|
62,621
|
Silver
produced
|
ounces
|
88,390
|
82,856
|
190,126
|
260,902
|
Gold sold
|
ounces
|
19,534
|
24,894
|
51,387
|
68,167
|
Silver
sold
|
ounces
|
85,376
|
90,545
|
209,684
|
261,735
|
Average gold
grade
|
grams/t
|
3.52
|
3.88
|
3.11
|
4.09
|
Average silver
grade
|
grams/t
|
39.40
|
36.50
|
31.75
|
38.97
|
Average gold recovery
rate
|
%
|
96.6
|
95.4
|
95.9
|
95.3
|
Average silver
recovery rate
|
%
|
43.7
|
45.2
|
38.6
|
41.6
|
Realized
Price (2017 as restated)
(iii)
|
|
|
|
|
|
Average realized gold
price (i,ii)
|
$/ounce
|
1,210
|
1,292
|
1,253
|
1,254
|
Average realized
silver price (i,ii)
|
$/ounce
|
15
|
17
|
16
|
17
|
Non-IFRS
Performance Measures
|
|
|
|
|
|
Co-product cash costs
per ounce of gold sold (i,ii)
|
$/ounce
|
904
|
793
|
983
|
687
|
Co-product all-in
sustaining costs per ounce of gold sold
(i,ii)
|
$/ounce
|
1,059
|
998
|
1,147
|
839
|
Co-product cash costs
per ounce of silver sold (i,ii)
|
$/ounce
|
10
|
10
|
11
|
9
|
Co-product all-in
sustaining costs per ounce of silver sold
(i,ii)
|
$/ounce
|
12
|
13
|
13
|
11
|
By-product cash costs
per ounce of gold sold (i,ii)
|
$/ounce
|
884
|
772
|
962
|
658
|
By-product all-in
sustaining costs per ounce of gold sold
(i,ii)
|
$/ounce
|
1,046
|
988
|
1,134
|
818
|
Financial
Measures (2017 as restated)
(iii)
|
|
|
|
|
|
Gold
revenue
|
m $
|
23.5
|
32.0
|
64.1
|
85.0
|
Silver
revenue
|
m $
|
1.5
|
1.5
|
3.8
|
4.4
|
Total
revenue
|
m $
|
25.0
|
33.5
|
67.9
|
89.4
|
Mine operating income
/ (loss)
|
m $
|
1.0
|
7.0
|
(1.3)
|
26.6
|
Exploration,
evaluation & pre-development expense
|
m $
|
0.6
|
0.3
|
1.3
|
0.8
|
Total capital
expenditures (iii)
|
m $
|
5.5
|
6.5
|
14.2
|
15.2
|
Capital expenditures -
sustaining (i,ii)
|
m $
|
1.9
|
4.0
|
5.4
|
8.1
|
Capital expenditures -
expansionary (i,ii)
|
m $
|
3.6
|
2.5
|
8.8
|
7.1
|
|
(i)
|
A cautionary note
regarding Non-IFRS financial metrics is included in the "Non-IFRS
Measures" section of the Q3 2018 Management's Discussion and
Analysis.
|
(ii)
|
Cash costs, all-in
sustaining costs, sustaining and expansionary capital expenditures
as well as average realized goldsilver price per ounce are Non-IFRS
metrics and discussed in the section "Non-IFRS Measures" of the Q3
2018 Management's Discussion and Analysis.
|
(iii)
|
2017 restated for the
presentation currency change as discussed in the "Critical
Accounting Judgements and Estimates, Policies and Changes" section
of this Management's Discussion and Analysis.
|
(iv)
|
May not add due to
rounding.
|
Mercedes production for Q3 2018 was 17,465 ounces of gold and
88,390 ounces of silver compared to 18,564 and 82,856 respectively
in Q3 2017. Co-product cash costs(1) during the period
were $904 and AISC(1) were
$1,059 per ounce of gold
sold. Year to date production levels and unit operating costs
at Mercedes have been impacted primarily by stope design
adjustments in the new Diluvio zone. While the Company began to see
the positive impact of these adjustments during the third quarter,
these adjustments did result in additional delineation drilling and
lower processed grades from the mining of more development ore and
less stope ore during the first three quarters of 2018. Third
quarter gold production, however, increased by 27% over that of the
second quarter. This is in line with the Company's revised
forecast where planned production levels are weighted toward the
second half of 2018. Production in October totaled 7,918 ounces of
gold, representing the best month so far in 2018.
Initiatives to improve grade include increased drilling and
blasting quality control in ore headings, and optimization of
ground support systems. These initiatives will capitalize on
production opportunities in narrow vein zones and improve advance
rates in more difficult rock conditions.
Exploration drilling continued during the third quarter with
12,993 meters completed for a total drilling of 38,748 meters for
the year. Drilling continued to target the Diluvio, Marianas and
Barrancas veins with a focus on
replacing reserves, supporting mine production, testing extensions
of the main mine trends and new geological targets.
Capital expenditures of $5.5
million were incurred for mine development in support of
expanded mining operations and increased production including the
construction of a new tailings facility at the mine.
Cove and McCoy-Cove
During the quarter, 5,167 meters were drilled at the
joint-venture, concentrating on the top two priority target areas
of Lake Side and Windy Point with a
focus on vectoring towards the most favorable geologic controls.
The drilling was split between the Windy point and Lake side east
extension areas, both with encouraging results.
During the quarter, Premier announced the discovery of
high-grade gold mineralization in hole HE-18-02, a piezometer hole
drilled to support Premier's hydrology modeling at Cove. This
hole is the first drilled in this target area and intersected
Carlin-style mineralization approximately 320 meters south of the
main deposit on the joint venture property, returning an impressive
12.69 g/t Au across 4.6 meters (15 feet). More
recently, a second piezometer hole drilled approximately 300 meters
to the southwest of Hole HE-18-02, on Premier's 100% held property,
intersected similar mineralization in the same host rock unit
returning 8.04 g/t Au across 3.0 meters (10
feet). Follow-up drilling on both the Joint venture and
Premier 100% lands will be completed during the current
quarter.
A Preliminary Economic Assessment ("PEA") was completed in the
first half of 2018 on the Cove project, including designs for
underground exploration, development and drilling, preliminary
engineering, dewatering, environmental baseline studies, and a life
of mine plan. Underground advanced-exploration development is now
expected to begin in the second half of 2019. Dewatering
simulations, including a pump test of the proposed underground
advanced exploration areas around the Helen Zone, were conducted
during 2017. During the third quarter, spending focused on
pre-development initiatives including engineering design changes
for the portal and power line locations and the waste rock
stockpile. In addition, drilling and installation of several
piezometers began and pump test wells were designed to further
characterize the groundwater model. Well drilling and updating
of the groundwater model will begin in the fourth quarter of 2018
and are expected to be completed in the first quarter of
2019.
Greenstone Gold Mines
The Greenstone Gold Mines Partnership (the "Partnership")
continued to progress toward near term environmental, community and
aboriginal engagement milestones during the quarter. The
Partnership previously submitted its Environmental Impact Statement
and Environmental Assessment ("EIS/EA") to the Canadian
Environmental Assessment Agency ("CEAA") and the Ministry of the
Environment and Climate Change ("MOECC") in July 2017. Each of these submissions has
progressed through its regulated comment period and is now in the
final stage of evaluation.
Progress with community and aboriginal engagement activities is
now evident as the first of three anticipated Long Term
Relationship Agreements was signed with Long Lake #58 First Nation in June 2018 that outlines provisions for
environmental monitoring, employment, training, business and
contracting opportunities, along with a framework for regulatory
permitting that extends not only to the Hardrock open pit, but to
all properties within the Partnership's regional portfolio that lie
within the traditional territory of Long Lake #58 First Nation.
The Partnership continues to pursue optimization opportunities
related to the previously released Feasibility Study (see
November 16, 2016 press release),
including a Reverse Circulation Drill Program designed to refine
the resource, better assess dilution and further de-risk the
project. A total of $4.9 million
was spent by the Partnership during the third quarter ($2.0 million in Q3 2017). All project
expenditures will continue to be funded 100% by our joint venture
partner Centerra Gold Inc. until the remaining development
commitment of $75.5 million
(C$97.3 million) has been drawn
down.
Hasaga
A total of 1,268 meters of drilling was completed at Hasaga
during the third quarter for a total of 19,529 meters year to
date. The drilling sought to infill and expand mineralization
within the C-Zone and to test and define the D-Zone. A follow-up
drilling program is being considered in 2019 based on excellent
assay results on the C and D-Zones and also as result of the better
understanding of the structural controls. The 1.6 km gap west of
Hasaga zones to the Buffalo zone provides for significant potential
for additional new discoveries.
CEO Commentary
"Improved operating performance at Mercedes during the third
quarter combined with continued outperformance at South Arturo puts
us on track to meet 2018 annual consolidated gold production
guidance" stated Ewan Downie,
President and CEO of Premier. "Our strong cash position will
continue to fund near-term development, including the construction
of two new mining centers at South Arturo and the Cove Gold Project
in Nevada".
2018 Guidance
Production estimates for 2018 were derived from life of mine
operating plans prepared on the basis of mineral reserves
associated with each property. The Company maintains
its full-year consolidated gold production guidance of 90,000
- 100,000 ounces with an increase in production from South Arturo
and a decrease from Mercedes. Additionally, cash costs and all-in
sustaining costs are expected to be lower than previously guided at
South Arturo and higher at Mercedes. The following table represents
the assumptions and guidance for 2018.
Table 4: 2018 Production and Cost Guidance
|
Gold Guidance
2018
|
Mine
|
Production
ounces
|
Cash Cost
per ounce
(1)
|
All-in Sustaining
Cost
per ounce
(1)
|
South
Arturo
|
20,000 –
25,000
|
$425 -
$475
|
$475 -
$525
|
Mercedes
|
70,000 –
75,000
|
$875 -
$925
|
$1000 -
$1050
|
Consolidated
|
90,000 -
100,000
|
$775 -
$825
|
$900 -
$950
|
Updated Mercedes mine
silver forecast of 225,000 - 250,000 oz for 2018.
|
Subsequent Event
Premier has been advised that Republic Metals Corporation
("RMC") filed for chapter 11 bankruptcy protection in the Southern
District of New York's Federal
Bankruptcy Court on November 2, 2018.
RMC processes gold and silver doré ("material") produced from
Premier's Mercedes Mine, located in Sonora, State of
Mexico under a toll arrangement and is currently processing
approximately 7,000 ounces of Premier's material. Premier is
working with its counsel to assert its legal rights for the return
of its material and is assessing alternative processing
arrangements with respect to the Mercedes mine.
All abbreviations used in this press release are available by
following this link (click here).
Third Quarter Results - Conference Call
A conference call with senior management to discuss the
financial results for the three months ended September 30, 2018 will be held at 10:00 am EDT, on November
7, 2018.
Details for the conference call and webcast can be found below
and will be accessible on the Company's website at
www.premiergoldmines.com.
Toll Free (North
America): 1-888-390-0605
International: 1-416-764-8609
Conference ID: 50238865
Webcast Link
https://event.on24.com/wcc/r/1858478/C813B379017A7F3EA0F16252ED176A8F
Conference Call Replay
The conference call replay will be available from 1:00 pm ET on November 7,
2018 until 11:59 pm ET on
November 14, 2018.
Toll Free Replay Call (North
America): 1-888-390-0541
International Replay Call: 1-416-764-8677
Passcode: 238865#
- A cautionary note regarding Non-IFRS financial metrics is
included in the "Non-IFRS Measures" section of the Q3 2018
Management Discussion and Analysis.
- Accounting policy change is discussed in Note 2(c) to the
September 30, 2018 unaudited condensed consolidated interim
financial statements of the Company.
Non-IFRS Measures
The Company has included certain terms and performance measures
commonly used in the mining industry that are not defined under
International Financial Reporting Standards ("IFRS") within this
document. These include: cash cost per ounce sold, all in
sustaining cost ("AISC") per ounce sold, earnings before interest,
tax, depreciation and amortization ("EBITDA"), free cash flow,
capital expenditures (expansionary), capital expenditures
(sustaining) and average realized price per ounce. Non-IFRS
measures do not have any standardized meaning prescribed under
IFRS, and therefore, they may not be comparable to similar measures
employed by other companies. The data presented is intended to
provide additional information and should not be considered in
isolation or as a substitute for measures prepared in accordance
with IFRS and should be read in conjunction with the Company's
consolidated financial statements. Readers should refer to the
Company's Management Discussion and Analysis under the heading
"Non-IFRS Measures" for a more detailed discussion of how such
measures are calculated.
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 regarding the Company's achievement
of the full-year projections for ounce production, production
costs, ASIC costs per ounce, cash cost per ounce and realized
gold/silver price per ounce, the Company's ability to meet annual
operations estimates, and statements about strategic plans,
including future operations, future work programs, capital
expenditures, discovery and production of minerals, price of gold
and currency exchange rates 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