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First Mining Gold Corp.
Summary
| Project: | Springpole | |
|---|---|---|
| Deposit: | Springpole | |
| Location: | Canada | |
| Commodities: | Gold-Silver | |
| Date: | 9/21/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 21-9-2017: First Mining Gold Corp. announces a PEA report for its Springpole deposit at the Springpole project. Updated PEA results incl. post-tax NPV (5%) of $792M, IRR of 32.3%, 12yr LOM. VANCOUVER, British Columbia, Sept. 21, 2017 -- First Mining Finan | |
| Resources: | (Resource): 139.1Mt @ 1.04g/t Au, 5.4g/t Ag (Ind.) and 11.4Mt @ 0.63g/t Au, 3.1g/t Ag (Inf.) | |
| CP/QP: | [Resources]: Gilles Arseneau (SRK Consulting (Canada) Inc.) | |
| ABSTRACT: | VANCOUVER, British Columbia, Sept. 21, 2017 -- First Mining Finance Corp. (TSX:FF) (OTCQX:FFMGF) (FRANKFURT:FMG) (“First Mining” or the “Company”) is pleased to announce the positive results of an independent Preliminary Economic Assessment (“PEA”) for its Springpole Gold Project (the “Project”) in northwestern Ontario, Canada. The PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43- 101”) by SRK Consulting (Canada) Inc. of Vancouver, Canada. The PEA describes the potential technical and economic viability of establishing a conventional open-pit gold mine-and-mill complex for the Project. The base case scenario utilizes long-term metal prices of $1,300 per ounce (“oz”) of gold (“Au”) and $20 per oz of silver (“Ag”). “This updated PEA study represents a significant improvement in both economics and annual and total ounces of gold and silver produced when compared with the previous PEA completed for Gold Canyon in 2013. The results of this PEA indicates that the Springpole Project may have economic viability. The PEA demonstrates that the Project has excellent margins with low cash costs of US$619 per ounce of gold equivalent and an average annual payable production of 322,000 ounces of gold equivalent, over the life of mine. On that basis, once in production as contemplated by the PEA, Springpole would be one of the largest gold mines in North America,” said Keith Neumeyer, First Mining’s Chairman. | |
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