Premier Gold Files Technical Report for South Arturo Project
PREMIER GOLD MINES LIMITED (“Premier” or “The Company”) (TSX:PG) is pleased to confirm that it has filed a technical report (“Report”) prepared for the South Arturo Mine Property, Nevada, 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 South Arturo Mine is a joint venture between Premier (40% ownership) and operator Barrick Gold. Barrick processes ore from South Arturo at its nearby Goldstrike facility.
The independent report, dated March 26, 2018 (effective date December 31, 2017), entitled “TECHNICAL REPORT ON THE SOUTH ARTURO MINE, ELKO COUNTY, STATE OF NEVADA, U.S.A.” was completed by Roscoe Postle Associates Inc. (“RPA”) and provides detail to the disclosure contained in the Company’s news release issued on February 26, 2018. Qualified persons for the Report include Hugo Miranda (MBA, M.E., ChMC (RM)), Philip A. Geusebroek (P.Geo.) and Brenna J.Y. Scholey (P.Eng.)
The mineral reserves and mineral resources for South Arturo are summarized in Table 1 and 2 below. Tables 1 and 2 below replaces Tables 1 and 2 reported in the February 26th press release entitled “Premier Increases Reserves and Resources at South Arturo.” Minor adjustments were made to tonnage and grade cells in the original tables. All ounces remain unchanged.
1. CIM (2014) definitions were followed for Mineral Reserves.
2. Stockpile reserves include open pit material.
3. Mineral Reserves estimated at $1,200/oz Au and $16.50/oz Ag.
4. Mineral Reserves for open pit are reported using gold cut-off grades of 1.27 g/t (0.037 oz/st) Au for the roaster, and 0.93 g/t (0.027 oz/st) Au for the oxide mill and refractory roaster.
5. Mineral Reserves for the underground are reported using a gold cut-off grade of 3.43 g/t (0.1 oz/st) Au.
6. Mineral Reserves represent attributable ounces to Premier, equal to 40% of the Joint Venture controlled ounces.
7. Silver ounces are not reported in the Barrick Life of Mine (LOM) cash flow.
8. Cut-off grades incorporated into the net block value calculation, which was used to determine the processing method for each block.
1. CIM (2014) definitions were followed for Mineral Resources.
2. Open pit and underground Mineral Resources are combined for the gold tonnes, however, the silver tonnes only account for open pit Mineral Resource tonnage.
3. Mineral Resources are estimated using a long-term gold price of US$1,500 per ounce, a long term silver price of US$20.50, and a C$/US$ exchange rate of 1.25.
4. Mineral Resources for open pit are reported using gold cut-off grades of 1.06 g/t (0.031 oz/st) Au for the roaster, and 0.75 g/t (0.022 oz/st) Au for the oxide mill and refractory roaster.
5. Mineral Resources for the underground are reported using a gold cut-off grade of 5.07 g/t (0.148 oz/st) Au.
6. Mineral Resources represent attributable ounces to Premier, equal to 40% of the Joint Venture controlled ounces. Material from the Rossi property has been excluded.
7. Bulk density is specific to geological formation and varies from 2.00 t/m3 to 2.94 t/m3.
8. Mineral Resources are exclusive of Mineral Reserves.
9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
10. Numbers may not add due to rounding.
11. Underground tonnes were not used in the silver grade calculations.
All abbreviations used in this press release are available at this link. (click here)
Stephen McGibbon, P. Geo., 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.
Premier Gold Mines Limited is a gold producer and respected exploration and development company with a high-quality pipeline of precious metal projects in proven, accessible and safe mining jurisdictions in Canada, the United States, and Mexico.
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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 the estimation of mineral resources and mineral reserves. 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.