First Mining Files Technical Report for the Positive Updated Preliminary Economic Assessment for the Springpole Gold Project
Pre-Tax NPV5% of US$1.23 billion, Pre-Tax IRR of 26% and AISC of US$552/oz
Average Annual Gold Production of 410,000 ounces in Years 2 through 9
VANCOUVER, BC / November 7, 2019 / First Mining Gold Corp. ("First Mining" or the "Company") (TSX:FF) (OTCQX:FFMGF) (FRANKFURT:FMG) is pleased to announce it has filed on SEDAR an independent Preliminary Economic Assessment ("PEA") technical report (the "Report") for its Springpole Gold Project ("Springpole" or the "Project") located in northwestern Ontario, Canada. The Report, which is entitled "Preliminary Economic Assessment Update for the Springpole Gold Project, Ontario, Canada" and has an effective date of September 1, 2019, was prepared by SRK Consulting (Canada) Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
Springpole is one of the largest undeveloped open pit gold projects in North America. The updated PEA contemplates an open pit mine and milling operation and reflects updated metallurgical testwork that has demonstrated the potential for significantly improved recoveries. The PEA also reflects updated operating and capital cost estimates.
- Published: 08 November 2019
- Written by Editor