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Premier Gold Mines Ltd.
Summary
| Project: | McCoy-Cove | |
|---|---|---|
| Deposit: | Cove | |
| Location: | United States | |
| Commodities: | Gold-Silver | |
| Date: | 5/15/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 15-5-2018: Premier Gold Mines Ltd. announces a PEA report for its Cove deposit at the McCoy-Cove project. PEA results incl. post-tax NPV of US $143.0M (5%), IRR of 48%, and 8 yr LOM at Cove. THUNDER BAY, ON, May 15, 2018 /CNW/ - PREMIER GOLD MINES LIMITED | |
| Resources: | (Resource): 1.045Mt @ 11.21g/t Au, 29.53g/t Ag for 342Koz Au, 768Koz Ag contained at Cove | |
| CP/QP: | [Overall Report]: Mark Odell (Practical Mining LLC.) | |
| ABSTRACT: | THUNDER BAY, ON, May 15, 2018 /CNW/ - PREMIER GOLD MINES LIMITED (TSX: PG) ("Premier", "the Company") is pleased to announce the Preliminary Economic Assessment ("PEA") of its 100% owned Cove Project (the "Project") located near Battle Mountain, Nevada. "This PEA sets the stage for the Company's planned advanced-exploration initiative at Cove," stated Ewan Downie, President and CEO of Premier Gold Mines. "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." Project Economics The Project will process 2.93 million tons at an average grade of 0.305 oz/t Au producing 0.74 million ounces of gold over an 8-year period. The cost profile includes an All-in-Sustaining Cost of $897 (net of by-product credits) per ounce of gold sold and an average Cash Cost (net of by-product credits) of $788 per ounce of gold sold. Gold production will average 92,400 ounces per year over the 8-year mine life. The PEA assumes mining of mineral resources in the Helen and Gap deposits only. Potential exists to increase mineral resources as the deposits remain open for expansion, as well as adding potential mineral resources from the Cove South Deep and 2201 zones following underground exploration and delineation drilling. These opportunities will be reviewed during underground development and exploration drilling program. Project after-tax NPV5 is estimated to be $143.0 million. After-tax cash flows result in a 4-year payback from the commencement of commercial production with an after-tax IRR of 48% as shown in Table 1. | |
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