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Pure Gold Mining Inc.
Summary
| Project: | Madsen | |
|---|---|---|
| Deposit: | Madsen | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 9/14/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 14-9-2017: Pure Gold Mining Inc. announces a PEA report for its Madsen deposit at the Madsen project. Updated PEA results incl. post-tax NPV (5%) of US$258M, IRR of 47%, LOM of 14yrs. VANCOUVER, B.C. – Pure Gold Mining Inc. (PGM – TSX-V) (“Pure Gold” or t | |
| Resources: | (Resource): 5.785Mt @ 8.9g/t Au (Ind.) and 587kT @ 9.4g/t Au (Inf.) at project | |
| CP/QP: | [Overall Report]: Roy Levesque (Nordmin Engineering ltd) | |
| ABSTRACT: | VANCOUVER, B.C. – Pure Gold Mining Inc. (PGM – TSX-V) (“Pure Gold” or the “Company”) is pleased to announce results of a new Preliminary Economic Assessment (“PEA”) on its 100%-owned Madsen Gold Project (“Madsen”) in the Red Lake mining district of Ontario, Canada. The PEA, based on an updated resource estimate (see news release dated August 2, 2017), shows a robust 14-year underground mining operation with highly attractive economics at base case metal prices. “With a significantly expanded resource, access to infrastructure, and exceptional growth potential, Madsen is one of the outstanding gold deposits in Canada,” stated Darin Labrenz, President and CEO of Pure Gold. “The completed study provides a measure of these attributes, outlining a long life high margin mine, with low initial capital requirements and a fast timeline to production. In addition, we have identified specific exploration targets and potential optimization opportunities that could further enhance the economics of the project. We look forward to rapidly advancing the Madsen Gold Project to become Ontario’s next gold mine.” The PEA is based on an underground mining operation utilizing the existing mining, milling, and tailings management infrastructure at Madsen. The existing Madsen portal and ramp are approximately one kilometre from the existing mill, and currently provide ramp access to the top 150 metres of the mine workings. The PEA mine plan includes further development of the ramp to a depth of 1,430 metres to access the mineral resource. | |
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