2018 gold production of 89,699
ounces
THUNDER BAY, ON, Jan. 16, 2019 /CNW/ - Premier Gold Mines
Limited ("Premier" or "The Company") (TSX:PG) is pleased
to announce its fourth quarter and full year production results for
2018.
Q4 2018 Production Highlights:
- Best quarterly gold production at Mercedes in 2018 with
22,465 ounces produced
- Continued processing of stockpiles at South Arturo with 577
ounces of gold produced
- Total quarterly silver production of 120,730 ounces
Full-Year 2018 Production Highlights:
- Gold production of 89,699 ounces
- Silver production of 321,814 ounces
Gold production from South Arturo exceeded annual guidance,
benefitting from a decision to accelerate processing of the Phase 2
ore stockpile. The Mercedes mine delivered second half
production consistent with Company expectations. Steady
improvements in the second half resulted in Q4 being the best
quarter of the year with production of 22,465 ounces of gold.
Table 1 below provides a summary of production results by mine
site.
Table 1: Q4 and Full Year 2018 Preliminary Production
Results
|
|
|
|
|
Mine
|
Q4
Gold
Production
(ounces)
|
Full
Year
Gold
Production
(ounces)
|
Q4
Silver
Production
(ounces)
|
Full
Year
Silver
Production
(ounces)
|
Mercedes,
Mexico
|
22,465
|
68,719
|
119,039
|
309,165
|
South Arturo,
Nevada
|
577
|
20,980
|
1,691
|
12,649
|
Consolidated
Production
|
23,042
|
89,699
|
120,730
|
321,814
|
"With Mercedes operations back on track, Premier exceeded its
internal production expectations during the fourth quarter," stated
John Begeman, Executive Chairman of
Premier. "Annual production met initial guidance. A strong
fourth quarter combined with the development of two additional mine
projects at South Arturo, is positioning the Company for a strong
future".
South Arturo Mine, Nevada
The South Arturo Mine, a joint venture operated by Barrick Gold
Corporation ("Barrick"), has delivered exceptional results since
achieving commercial production. Processing of ore stockpiled
from the Phase 2 open pit was intermittent during the fourth
quarter with annual production exceeding guidance for the year.
Future production will come from two additional developments
underway at the Property. Both the Phase 1 open pit and the
El Nino underground mine are now under construction with production
expected to ramp up late in the second half of 2019 at El
Nino.
Mercedes Mine, Mexico
The Mercedes Mine continues to remain focused on cost reduction
and developing new deposits to increase flexibility and
productivity.
During the fourth quarter, development continued on the drift
from the Lagunas mine to access the higher-grade Marianas deposit
that is located on-strike to the northwest. Underground
drilling at Marianas commenced late in the fourth quarter and will
continue throughout 2019.
Exploration and resource definition drilling continue to be a
priority at Mercedes. Surface and underground drilling
programs are currently underway.
Q4 and year end 2018 financial results and conference call
details:
Full financial results for the three and twelve months ended
December 31, 2018, will be released
before market open on March 7, 2019
and a conference call with senior management will be held at
10:00am 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)
888 390 0605
International: (+1) 416 764 8609
Conference ID: 10218835
Webcast Link
https://event.on24.com/wcc/r/1918438/329EB9095CAF51273BA2CB0C75E8F404
Conference Call Replay
The conference call replay will be available from 1:00pm EST on March 7,
2019 until 11:59pm EST on
March 14, 2019.
Toll Free Replay Call (North
America): (+1) 888 390 0541
International Replay Call: (+1) 416 764 8677
Passcode: 218835#
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 remains focused on creating a low-cost, mid-tier gold
producer through its two producing gold mines; South Arturo and
Mercedes, and through future mine development opportunities at
McCoy-Cove in Nevada and Hardrock
in Ontario (Greenstone Gold JV)
where permitting and development initiatives are ongoing
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