TIDMPUR
RNS Number : 5892A
Pure Gold Mining Inc.
26 September 2022
NEWS RELEASE 22-24 September 26 , 2022
PureGold files Independent Technical Report with Updated Mineral
Resource Estimate for PureGold Mine
VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR)
("PureGold" or the "Company"), is pleased to announce that
following the release of an updated Mineral Resource Estimate
("MRE") on August 10(th) 2022, the Company has filed a National
Instrument 43-101 Technical Report entitled "Independent NI 43-101
Technical Report and Updated Mineral Resource Estimate for the
PureGold Mine, Canada", prepared by SRK Consulting, dated September
23(rd) , 2022, with an effective date of December 31(st) , 2021.
The report is available on SEDAR at http://www.sedar.com and has
also been posted on the Company's website at
https://www.puregoldmining.ca/our-mine/mineral-resources/ .
2022 Mineral Resource Estimate Highlights:
The PureGold Mine MRE includes(1,2) :
1.65 million ounces of gold at 7.4 grams per tonne ("g/t")
within 6.9 million tonnes in the Indicated Mineral Resource
category, and
0.37 million ounces of gold at 6.3 g/t within 1.8 million tonnes
in the Inferred Mineral Resource category.
The updated MRE will form the basis of a new Pre-Feasibility
Study (PFS) and updated Life of Mine plan, which is being led by
SRK and expected to be released in the fourth quarter of 2022. This
updated PFS will incorporate several ongoing trade-off studies and
will identify the best value-maximizing operational path forward
for the Company.
1. Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. There is no certainty that all or
any part of the Mineral Resources estimated will be converted into
Mineral Reserves. The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues. The
Canadian Institute of Mining, Metallurgy and Petroleum definitions
were followed for the classification of Indicated and Inferred
Mineral Resources. The quantity and grade of reported Inferred
Mineral Resources in this estimation are uncertain in nature and
there has been insufficient exploration to define these Inferred
Mineral Resources as an Indicated Mineral Resource and it is
uncertain if further exploration will result in upgrading them to
an Indicated Mineral Resource category. All figures have been
rounded to reflect the relative precision of the estimates. Mineral
Resources are reported as constrained with an underground Mining
Stope Optimizer tool which generated optimized stope shapes using
an assumed gold price of US$1800/ounce, a mining recovery of 95.0%,
metallurgical recovery of 95.0%, and successive MSO runs at stope
heights of 3, 6, and 12 metres. Mineral Resources are stated as
undiluted tonnes and gold grade above a 3.38 g/t cutoff.
2. For further information, see the technical report titled
"Independent NI 43-101 Technical Report and Updated Mineral
Resource Estimate for the PureGold Mine, Canada" with an effective
date of December 31, 2022, and dated September 23, 2022, for
further information, available at puregoldmining.ca or under the
Company's Sedar profile at www.sedar.com
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 updated NI 43-101 Technical Report and
timing and content of such Technical Report, including the life of
mine plan; 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
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