TIDMPUR
RNS Number : 0784C
Pure Gold Mining Inc.
06 October 2022
In a release issued under the same headline earlier today,
please note in the 5th paragraph, the last sentence should read
"The Company expects costs to continue to trend downward...",
rather than "The Company expects costs and revenues to continue to
trend downward...", as previously stated. The corrected release
follows:
NEWS RELEASE 22-25 October 6 , 2022
PureGold Achieves Third Quarter Gold Production Guidance
and Announces Fourth Quarter Outlook
VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR)
("PureGold" or the "Company"), today announced that it achieved
gold production guidance for the third quarter of 2022 for its 100%
owned and operated PureGold Mine located in Red Lake, Ontario.
PureGold also announced production guidance for the fourth quarter
of 2022.
Terry Smith, PureGold Chief Operating Officer, stated: "Our
quarterly gold production results are a positive step in the
operational transformation underway at the PureGold Mine. Our
short-range planning and execution are working well and with that,
we can aggressively pursue further optimization of the business.
Looking ahead to the fourth quarter we expect another consecutive
quarter over quarter step up in production for the PureGold Mine.
We remain on track for delivery of the updated life of mine plan
and pre-feasibility study in the fourth quarter of 2022, which will
form the basis for 2023 guidance."
Q3 2022 Q3 2022 Guidance
------------------------- ------- ----------------
Ounces Produced (oz) 9,041 8,700 - 12,300
------------------------- ------- ----------------
Head Grade (g/t Au) 4.5 4.0 - 5.0
------------------------- ------- ----------------
Recovery (%) 95.1% 95.0%
------------------------- ------- ----------------
Ore Tonnes Processed
(t) 66,042 71,300 - 80,500
------------------------- ------- ----------------
Average Daily Throughput
(tpd) 718 775 - 875
------------------------- ------- ----------------
As shown in the table above, gold production was 9,041 ounces in
the third quarter of 2022, which was within the guidance range.
Head grade and recovery were also within guidance. As previously
disclosed, the PureGold resumed full time mill operations in July,
delivering strong back-to-back monthly ore tonnage in July and
August, and achieving record monthly gold production in August.
Results for the third quarter would have been better, but for
nine unexpected days of lost production in September due to
downtime of the contract crusher and an unrelated issue with
automation control electronics in the mill. These one-time issues
have now been fully addressed with strong average daily throughput
in the last week of September carrying through into October.
However, the nine lost days caused the volume of ore processed in
the third quarter to be below guidance.
Production costs for the third quarter are still being finalized
but are expected to be in the range of $9.5 - $10.5 million per
month, in line with previously announced guidance. Notably, current
costs represent an absolute reduction in costs of approximately 25%
and a cost-per-tonne reduction of approximately 50%, when compared
with Q1 2022. The Company expects costs to continue to trend
downward through the fourth quarter.
Fourth Quarter Production Outlook
Fourth quarter production guidance for the PureGold Mine is
summarized in the table below.
Q4 2022 Guidance
------------------------- ----------------
Ounces Produced (oz) 9,000 - 12,500
-------------------------- ----------------
Head Grade (g/t Au) 4.25 - 5.25
------------------------- ----------------
Recovery (%) 95.0%
-------------------------- ----------------
Ore Tonnes Processed
(t) 69,000 - 78,200
-------------------------- ----------------
Average Daily Throughput
(tpd) 750 - 850
-------------------------- ----------------
Pre-Feasibility Study Update
The Company remains on track to deliver a new Pre-Feasibility
Study ("PFS") in Q4. The new PFS will incorporate an updated life
of mine ("LOM") plan and is based on the recently announced updated
Mineral Resource Estimate ("Updated MRE") completed by SRK
Consulting (Canada) Inc ("SRK"). The Company is working
collaboratively with SRK to ensure a smooth integration beginning
in January 2023 of the new Life of Mine plan into the Mine's
existing planning system. The LOM plan is focused around continued
targeted production growth well beyond the Company's Q4 production
guidance.
The Updated MRE has reaffirmed a multi-million-ounce, high-grade
gold deposit and the Company expects the PFS to outline a
long-life, profitable mining operation in a top-tier jurisdiction
with significant benefits to our shareholders along with the
community of Red Lake and our First Nations partners. PureGold
expects to share the results with the market in near future.
Qualified Persons and NI 43-101 Disclosure
Terrence Smith, P.Eng. Chief Operating Officer for the Company,
is the designated Qualified Person for this news release within the
meaning of National Instrument 43-101 and has reviewed and verified
that the technical information contained herein is accurate and
approves of the written disclosure of same.
About Pure Gold Mining Inc.
PureGold is a Canadian gold mining company, located in Red Lake,
Ontario, Canada. The Company owns and operates the PureGold Mine,
which began gold production in 2021 after the successful
construction of an 800 tpd underground mine and processing
facility. The PureGold Mine is centered on a forty-seven square
kilometre property with significant discovery potential.
Additional information about the Company and its activities may
be found on the Company's website at www.puregoldmining.ca and
under the Company's profile at www.sedar.com
ON BEHALF OF THE BOARD
"Mark O'Dea"
Mark O'Dea, President & CEO
Investor inquiries:
Adrian O'Brien,
Director, IR & Communications
Tel: 604-809-6890
aobrien@puregoldmining.ca
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
All statements in this press release, other than statements of
historical fact, are "forward-looking information" with respect to
PureGold within the meaning of applicable securities laws,
including, but not limited to statements with respect to those that
address proposed timing of development plans for the PureGold Mine,
including the proposed Pre-Feasibility Study and updated
Life-of-Mine plan, updated NI 43-101 Technical Report and timing
and content of such Technical Report; expectations regarding third
quarter operating and sustaining capital costs; expectations
regarding fourth quarter and 2023 gold production, ore tonnage,
head grade, and recovery; expectations regarding the effectiveness
of new initiatives to improve stope access and result in increased
throughput, improved grades and reduced costs in 2022; achievement
of minimum targets with respect to ore production, average head
grade and reduction in monthly operating costs by the end of 2022
compared to 2021; potential for extending the mine life of the
PureGold Mine; the timing and results of the new Pre-Feasibility
Study and updated Life of Mine Plan; the potential to convert
resources to reserves; the transition of mining from the McVeigh
Zone to the South Austin and Austin Zones; and potential for
additional resources and expansion of known deposits and potential
for making new discoveries and the focus of the Company in the
coming months . Forward-looking information is often, but not
always, identified by the use of words such as "seek",
"anticipate", "plan", "progress", "confirms", "continue",
"planned", "expect", "expectations", "expand", "enhanced",
"increasing", "optimize", "project", "predict", "potential",
"supports", "targeting", "intends", "believe", "improved",
"potential", and similar expressions, or describes a "goal", or
variation , of such words and phrases or state that certain
actions, events or results "may", "should", "confirms", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining governmental
approvals and financing on time, obtaining renewals for existing
licences and permits and obtaining required licences and permits,
labour stability, stability in market conditions, availability of
equipment, accuracy of any mineral resources, successful resolution
of disputes and anticipated costs and expenditures. Many
assumptions are based on factors and events that are not within the
control of PureGold and there is no assurance they will prove to be
correct.
Such forward-looking information, involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to liquidity
and the Company's ability to continue as a going concern; mine
closure and rehabilitation; failure to achieve estimates or
material increases in costs; history of net losses and negative
operating cash flow, indebtedness; interpretation of results at the
PureGold Mine complex, including reserve and resource estimates may
prove to be incorrect ; changes in project parameters as plans
continue to be refined; current economic conditions; future prices
of commodities; possible variations in grade or recovery rates; the
costs and timing of the development of new deposits; failure of
equipment or processes to operate as anticipated; the failure of
contracted parties to perform; the timing and success of
exploration and development activities generally; delays in
permitting; possible claims against the Company; the timing of
future economic studies; labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals,
financing or in the completion of exploration as well as those
factors discussed in the Annual Information Form of the Company
dated March 30, 2022 in the section entitled "Risk Factors", under
PureGold's SEDAR profile at www.sedar.com .
Although PureGold has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. 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 statements. PureGold disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
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END
MSCMFBATMTTMBAT
(END) Dow Jones Newswires
October 06, 2022 11:27 ET (15:27 GMT)
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