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Primero Mining Corp.
Summary
| Project: | Grey Fox | |
|---|---|---|
| Deposit: | Grey Fox | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 2/22/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 22-2-2017: Primero Mining Corp. announces a Resource Estimation report for its Grey Fox deposit at the Grey Fox project. Updated mineral resource for project. Primero Mining Corp. (‘‘Primero’’ or the ‘‘Company’’) (TSX:P, NYSE:PPP) today announced its upda | |
| Resources: | (Resource, M+I): 4.7Mt @ 4.4g/t Au for 668Koz Au contained at project | |
| CP/QP: | [Resources]: Rodney Webster (AMC Mining Consultants (Canada) Ltd.) | |
| ABSTRACT: | Primero Mining Corp. (‘‘Primero’’ or the ‘‘Company’’) (TSX:P, NYSE:PPP) today announced its updated year-end 2016 Mineral Reserves and Mineral Resources. Total Primero Proven and Probable Mineral Reserves at December 31, 2016 were 1.3 million ounces of contained gold and 56.6 million ounces of contained silver. This represents a decrease of 24% for gold and 20% for silver from year-end 2015, primarily attributable to mining depletion (155,000 gold ounces and 5.3 million silver ounces) and modified modeling parameters. In its modeling approach, the Company has applied a two-pass cut-off grade methodology and increased geological constraints which will improve mine planning and future reserve reconciliations. ‘‘Our 2016 exploration program substantially replaced our depleted Mineral Resources,’’ stated Damien Marantelli, Chief Operating Officer. ‘‘However, our Mineral Reserve estimate was affected by mining depletion and improvements we made to our geological controls and modelling methodologies. We believe these important changes will set up our mines for future successes through improved planning, predictability and deliverability. Primero has traditionally had a strong history of replacing Mineral Reserves and we remain confident in the significant mineral endowment of our mining districts.” | |
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