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First Mining Gold Corp.
Summary
| Project: | Springpole | |
|---|---|---|
| Deposit: | Springpole | |
| Location: | Canada | |
| Commodities: | Gold-Silver | |
| Date: | 10/16/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 16-10-2019: First Mining Gold Corp. announces a PEA report for its Springpole deposit at the Springpole project. Updated PEA results incl. pre-tax NPV (5%) of $1.23B, IRR of 26%. October 16, 2019 – Vancouver, BC – First Mining Gold Corp. (“First Mining” o | |
| 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) | |
| ABSTRACT: | October 16, 2019 – Vancouver, BC – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce the positive results of an updated independent Preliminary Economic Assessment (“PEA”) completed for its 100%-owned Springpole Gold Project (the “Project”) located in northwestern Ontario, Canada. The PEA contemplates an open pit mine and milling operation and reflects updated metallurgical testwork that has demonstrated the potential for significantly improved recoveries. The PEA also reflects updated operating and capital cost estimates. “This updated PEA is an important step forward as we continue to advance and de-risk the Springpole Gold Project,” stated Dan Wilton, CEO of First Mining. “The updated PEA incorporates the potential for improved gold and silver recoveries as a result of the updated metallurgical results that we announced in February 2019. It reinforces the potential for the Springpole Gold Project to become one of Canada’s largest gold mines when in production, with average annual gold production in excess of 400,000 ounces between year 2 and year 9, with a very attractive operating cost profile. The results demonstrate a robust project, with further opportunity to improve on the economics through the optimization studies that will be completed as we advance the Project through a Pre-Feasibility Study.” | |
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