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Premier: PEA Shows Project Would Produce 740,000 Gold Ounces

Premier: PEA Shows Project Would Produce 740,000 Gold Ounces

May 15, 2018


Premier Gold Mines Ltd. (TSX: PG) says the preliminary economic assessment for the Cove project in Nevada shows mining would result in life-of-mine gold production of 740,000 ounces during eight years of operations, which would an average of 92,400 annually. The company reports indicated mineral resources of 1,045,000 tons at 0.327 ounces of gold per ton and 0.861 ounce of silver per ton, meaning 342,000 ounces of gold and 900,000 ounces of silver. Inferred mineral resources were put at 4,032,000 tons at 0.328 oz/t gold and 0.609 oz/t silver for 1,322,000 ounces of gold and 2,457,000 ounces of silver. The mine would require construction capital of $46.6 million with an after-tax payback period of four years. “These results support our plan for the construction of an exploration ramp to further define and expand the deposits in advance of a future feasibility study,” says Ewan Downie, president and chief executive officer.