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premier gold mines ltd (PG) Snapshot

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07/10/14 - C$3.52
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premier gold mines ltd (PG) Details

Premier Gold Mines Limited focuses on exploring for and developing gold deposits in Canada, the United States, and Mexico. Its principal projects include a 100% interest in the Trans-Canada property, which includes the Hardrock project, the Brookbank deposit, and the Beardmore mill located in northern Ontario, Ontario; a 49% interest in the Rahill-Bonanza project located in Red Lake Mining division, Ontario; and a 100% interest in the Cove project located in Lander County, Nevada. The company also owns a 100% interest in the Cove-McCoy gold property totaling 31,000 acres located along the Eureka-Battle Mountain Trend in Nevada. Premier Gold Mines Limited was incorporated in 2006 and is headquartered in Thunder Bay, Canada.

44 Employees
Last Reported Date: 03/31/14
Founded in 2006

premier gold mines ltd (PG) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$384.4K
Chief Financial Officer
Total Annual Compensation: C$220.0K
Executive Vice-President of Corporate & Proje...
Total Annual Compensation: C$210.0K
Director of Development Projects
Total Annual Compensation: C$180.8K
Compensation as of Fiscal Year 2013.

premier gold mines ltd (PG) Key Developments

Centerra Gold and Premier Gold to Jointly Advance the Trans-Canada Property

Centerra Gold Inc. and Premier Gold Mines Limited announced that they have signed a definitive agreement to form a 50/50 partnership for the joint ownership and development of Premier's Trans-Canada Property including the Hardrock Gold Project located in the Geraldton-Beardmore Greenstone Belt in Ontario. Centerra and Premier have agreed to form a partnership to develop the Trans-Canada Property. Centerra will contribute up to CAD 300 million in cash to the partnership in accordance with the terms described below, while Premier will contribute all property, assets and rights it holds in respect of the Trans-Canada Property. Key terms of the agreements and the development strategy for Hardrock include: On closing, Premier, through a wholly-owned subsidiary, will contribute all property, assets and rights it holds in respect of the Trans-Canada Property to the partnership in consideration for its 50% interest in the partnership and Centerra will make an initial cash contribution to the partnership in the amount of CAD 85 million for its 50% limited partner interest which amount will be distributed to Premier on the closing date. Centerra has agreed to make capital contributions to the partnership in the aggregate amount of CAD 185 million (the Centerra Development Commitment) half of which is on behalf of Premier. A portion of these funds will initially be used to complete a comprehensive technical and economic feasibility study including an updated mineral resource calculation for the Hardrock Project at the Trans-Canada Property. Subject to the satisfaction of certain feasibility and project advancement criteria the remainder of the funds will be used towards the construction and development of the Hardrock Project. Premier will not be required to make any contributions to the partnership until Centerra has provided the full amount of the Centerra Development Commitment following which cash calls will be satisfied by each of Centerra and Premier on a 50/50 basis pursuant to approved annual programs and budgets. The partnership agreement contains customary dilution mechanisms for failures to meet cash calls and certain other events. Centerra has agreed to make an additional contingent capital contribution to the partnership not to exceed CAD 30 million based on the results of the updated mineral resource calculation in respect of the Trans-Canada Property which amount, if any, will be distributed to Premier. The partnership will be managed by a corporation (the Managing Partner), owned 50/50 by Centerra and Premier. Initially the board of directors of the Managing Partner will consist of four directors with two nominees from Centerra and two nominees from Premier. The board of directors of the Managing Partner will be responsible for, among other things, approving the partnership's annual programs and budgets. The transaction is expected to close on or about March 6, 2015, subject to the receipt of applicable regulatory approvals and the satisfaction of customary conditions precedent.

Premier Gold Mines Limited - Special Call

To discuss its agreement with Centerra Gold Inc. to form a 50/50 partnership for the joint development of Premier's Trans-Canada Property including the Hardrock Gold Project located in the Geraldton-Beardmore Greenstone belt in Ontario

Premier Gold Mines Limited to Focus on Open Pit Opportunities at McCoy-Cove Property

Premier Gold Mines Limited provided an update of activities at the company's 100%-owned McCoy-Cove Gold Property in Nevada. After securing 100% ownership of the entire property, Premier's focus will shift to the identification and delineation of mineralization that could be amenable to open pit mining methods. Oxide gold mineralization that could be processed by heap leach methods and located proximal to the past producing McCoy pit is the target of a recently commenced drill program. Oxide mineralization in the vicinity of the Windy Point fault is being assessed through surface trenching and future drilling. In addition, re-compositing (utilizing a 0.3 g/t Au cutoff) of recent drilling completed at the past-producing Cove pit (not anticipated to be oxide material) confirms the need to re-evaluate the potential value of widespread gold and silver mineralization proximal to the pit. Highlights the company's near-term area of interest on the McCoy-Cove Property package. Compilation of historic data suggests the potential for oxide gold-silver mineralization proximal to the historic McCoy open pit mine. Delineation drilling is underway on the first target, mineralization that occurs in the east wall of the pit, which, if successful, would lead to a study evaluating the likelihood for a future pit push back. This mineralization is located on the flank of the McCoy Brown Stock and Premier believes is open for expansion and could be advanced towards future development. Overall, drilling will focus on near-pit mineralization identified in several areas prior to deeper drilling designed to test for potential extensions to high-grade intercepts below the McCoy ramp. The Windy Point target is a prospective target located to the northwest of the Cove pit where surface gold mineralization has been identified proximal to the Windy Point fault. The Company has completed surface rock chip sampling on outcropping mineralization that identified consistent surface mineralization over an area 100 metres by 60 metres with assay values of up to 12.98 grams per tonne gold (g/t Au). An historic and prominent soil anomaly at Windy Point has been tested by limited historic drilling. Results from that drilling support the need to complete surface trenching and a new round of drilling in an effort to assess the potential for both open pit and underground mineralization. During 2014, drilling at Cove was focused on high grade mineralization beneath the pit. Recent compilation work has highlighted the potential for widespread lower grade material proximal to the pit. Additional in-fill sampling from that drilling is currently being completed. Highlight composites are listed below. PG-01 intersected 1.55 grams per tonne gold (g/t Au) and 30.4 g/t silver (Ag) across 161.5 metres (m), including 6.23 g/t Au and 162.78 g/t Ag across 25.3 m, (beginning at 517.3 m downhole) and is located approximately 200 m west of the limits of the west pit wall. AX-51 intersected 2.36 g/t Au and 1.41 g/t Ag across 73.9 m (beginning at 405.4 m downhole) and is located approximately 250 m west of the limits of the east pit wall. PG14-05 intersected 2.56 g/t Au and 3.41 g/t Ag across 14.6 m (beginning at 425.8 m downhole) and 1.52 g/t Au and 13.16 g/t Ag across 186.5 m (beginning at 642.5 m downhole) and is located approximately 250 m west of the limits of the east pit wall. PG14-10 intersected 1.98 g/t Au and 11.87 g/t Ag across 112.5 m (beginning at 699.2 m downhole) and is located approximately 250 m west of the limits of the east pit wall. Ongoing modeling and potential future drilling will be designed to further test these areas as sites amenable to renewed open pit mining at Cove. Future work will also include metallurgical testing necessary to assess potential recoveries. The consolidation of this district-scale property provides 100% exposure and complete flexibility to explore and develop the Cove and McCoy deposit areas while also securing a "best efforts" commitment to process ores potentially mined at predetermined toll rates over a 10-year period. Premier believes that a world-class exploration/production opportunity exists at McCoy-Cove. The McCoy-Cove Gold Mines have historic production of some 3.3 million ounces of gold and 110.0 million ounces of silver between 1986 and 2006, a 20-year period of relatively low to historically low gold and silver prices. The mines are believed to have a close genetic relationship, associated with the same fault/feeder structures; however the ores mined occurred in different rock units. The feeder structures between the mines have seen only limited previous exploration and represent a priority future exploration target.


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