THUNDER BAY, ON, Oct. 16, 2017 /CNW/ - PREMIER GOLD MINES
LIMITED ("Premier" or "The Company") (TSX:PG) is pleased to
announce preliminary third quarter production results from its two
operating mines.
Q3 - 2017 Production Highlights include:
- Gold production of 26,677 ounces
- Silver production of 82,856 ounces
- Gold Sales of 37,920 ounces at an average realized price of
US$1,282 per ounce
Table 1 – Preliminary Sales and Production Results
|
|
|
MINE
|
GOLD PRODUCED
(ounces)
|
SILVER PRODUCED
(ounces)
|
|
Q3
2017
|
YTD
2017
|
Q3
2017
|
YTD
2017
|
Mercedes,
Mexico
|
18,564
|
62,621
|
82,856
|
260,902
|
South Arturo, Nevada
(PG)
|
8,113
|
52,652
|
0
|
0
|
Total
Production
|
26,677
|
115,273
|
82,856
|
260,902
|
Gold Ounces
Sold
|
37,920
|
132,727
|
|
|
"Solid operating performance at Mercedes and South Arturo during
the third quarter should allow us to meet the upper end of our 2017
annual production guidance," stated John
Begeman, Executive Chairman of Premier. "Despite having
already surpassed original production expectations, recent
definition drilling at South Arturo indicates the potential to
continue mining the Phase 2 open pit, and studies supporting
further development, including the underground extension of the
Phase 2 Pit (El Nino) and two additional open pits are
ongoing."
South Arturo Mine, Nevada
The South Arturo Mine, which has delivered exceptional operating
results since declaring commercial production in 2016, is expected
to continue processing stockpiled ore from the Phase 2 pit
throughout the balance of 2017 and well into 2018. The
achievement of consistently higher than forecasted grades and
ounces mined throughout the past year has led to increased
production guidance and is a direct reflection of Barrick's
outstanding operating performance.
As part of the next phase of development, a Plan of Operations
to support ramp construction at El Nino to access high-grade
mineralization down-dip of the current Phase 2 pit was submitted to
Nevada regulatory
authorities. Several of the related permits have since
been granted, and definition drilling of the underground resource
will continue from within the Phase 2 pit until final permits have
been received and underground drilling can commence. Mining
potential of the Phase 1 pit is currently under review and if
approved, development could begin in early 2019. A Phase 3
pit is also under consideration, and drilling to support
metallurgical and geotechnical test work for both pit opportunities
has commenced.
Exploration drilling continues at several targets on the
property, including the South Hinge structure located between the
proposed Phase 2 and Phase 3 pits, and the Ardent structure, a new
generative exploration target recently identified on the joint
venture property.
Mercedes Mine, Mexico
Mercedes is continuing to achieve safe, steady operating
performance while focusing on identifying and implementing measures
to increase productivity and reduce costs. Results to date
include reduced mining dilution and improved gold and silver
recoveries. Some new equipment was added to the mining fleet
that should further improve productivity. Exploration and
definition drilling to expand resources and reserves continues to
be a priority with nine surface and underground drills active on
the property.
During the third quarter, production was impacted slightly as a
result of the operating team assisting the local community in
suppressing a brush fire near the mine site.
Q3 – 2017 financial results and conference call
details:
Full financial results for the three months ended September 30, 2017, will be released before the
market opens on November 8, 2017
after which a conference call with senior management will be held
at 10:00 a.m EST.
Details for the conference call and webcast can be found below
and will be accessible on the Company's website.
Toll Free (North
America): 1-888-231-8191
International: 1-647-427-7450
Conference ID: 2083912
Webcast Link
https://event.on24.com/wcc/r/1529551/12B3E661E06B0DF86F1EB97A1D59FF2D
Conference Call Replay
The conference call replay will be available from 1:00pm EDT on November 8,
2017 until 11:59 pm EST on
November 15, 2017.
Toll Free Replay Call (North
America): 1-855-859-2056
International Replay Call: 1-416-849-0833
Passcode: 2083912
Premier Gold Mines Limited is a gold producer and
respected exploration and development company with a high-quality
pipeline of precious metal projects in proven, accessible and safe
mining jurisdictions in Canada,
the United States, and
Mexico. Premier's team is focused
on creating a low-cost, mid-tier gold producer through its two
producing gold mines; and two advanced multi-million ounce
development projects where permitting and pre-construction
initiatives are in progress.
Stephen McGibbon, P. Geo.,
Executive Vice President, Corporate and Project Development, is the
Qualified Person for the information contained in this press
release and is a Qualified Person within the meaning of National
Instrument 43-101.
This Press Release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward-looking information includes, but
is not limited to, statements about strategic plans, including
future operations, future work programs, capital expenditures,
discovery and production of minerals, price of gold and currency
exchange rates, timing of geological reports and corporate and
technical objectives. Forward-looking information is necessarily
based upon a number of assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking information, including the risks inherent to the
mining industry, adverse economic and market developments and the
risks identified in Premier's annual information form under the
heading "Risk Factors". There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue
reliance on forward-looking information. All forward-looking
information contained in this press release is given as of the date
hereof and is based upon the opinions and estimates of management
and information available to management as at the date
hereof. Premier disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by law.
SOURCE Premier Gold Mines Limited