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15.05.2018 12:00
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Premier Announces PEA Results on the Cove Project
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THUNDER BAY, ON, May 15, 2018
After-tax NPV5 of $143.0M & 48% IRR
All figures are in United States of America dollars unless otherwise stated.
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.
Highlights of the PEA results and life-of-mine plan ("LOM") include:
- After-tax NPV5 of $143.0 million, and an after-tax internal rate of return ("IRR") of 48%
- Average operating costs of $199/ton, Cash Cost of $788/oz Au and All-in Sustaining Cost (AISC)(i) of $897/oz Au
- Indicated mineral resources of 1,045,000 tons at 0.327 oz/t Au and 0.861 oz/t Ag for 342,000 ounces of gold and 900,000 ounces of silver
- Inferred mineral resources of 4,032,000 tons at 0.328 oz/t Au and 0.609 oz/t Ag for 1,322,000 ounces of gold and 2,457,000 ounces of silver
- Metallurgical recoveries of 82.7% for gold and 21.6% for silver
- LOM gold production of 740,000 ounces during 8 years of operations
- Average LOM annual gold production of 92,400 ounces
- LOM capital cost of $114.4 million after pre-development costs of $25.8 million
- Mine construction capital of $46.6 million
- After-tax payback period of 4 years
"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 $143.0 million. After-tax cash flows result in a 4-year payback from the commencement of commercial production with an after-tax IRR of 48% as shown in Table 1.
| Table 1: Summary of Economic Parameters and PEA Results | |
| Gold price - base case (US$/oz) | 1,250 |
| Mine life (years) | 8 |
| Maximum mining rate (tons/day) | 1,360 |
| Average grade (oz/t Au) | 0.305 |
| Average gold recovery (roaster %) | 79.2 |
| Average gold recovery (autoclave %) | 85.6 |
| Average annual gold production (koz) | 92.4 |
| Total recovered gold (koz) | 740 |
| Pre-development costs ( M$) | 25.8 |
| Mine Construction Capital (M$) | 46.6 |
| Sustaining capital (M$) | 67.7 |
| Cash cost (US $/oz) | 788 |
| All-in sustaining cost ($/oz) | 897 |
| Project after-tax NPV5% (M$) | 143.0 |
| Project after-tax IRR (%) | 48 |
Total undiscounted after-tax cash flow over the life of the Project is estimated to be $196 million as shown in Table 2.
| Table 2: Life-of-Mine Cash Flow | |||||||||
| Year | Revenue ($ M) | Operating Cost ($ M) | Pre- ($ M) | Mine ($M) | Sustaining Capital ($ M) | Other2 ($ M) | Pre-tax Cash Flow ($ M) | Taxes ($ M) | After-tax Cash Flow ($ M) |
| -3 | - | - | (12) | - | - | - | - | - | - |
| -2 | - | - | (8) | - | - | - | - | - | - |
| -1 | - | - | (6) | - | - | - | - | - | - |
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