Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

First Mining Announces Positive Updated Preliminary Economic Assessment

Mining News - Published on Fri, 18 Oct 2019

Image Source: mining.com
First Mining Gold Corp announced the positive results of an updated independent Preliminary Economic Assessment completed for its 100%-owned Springpole Gold Project located in northwestern Ontario, Canada. The 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.

PEA Highlights
• USD 1.23 billion pre-tax net present value discounted at 5% (“NPV5%") ($1.75 billion at USD 1,500/oz gold)
• USD 841 million after-tax NPV59t) ($1.22 billion at $1,500/oz gold)
• USD 26% pre-tax internal rate of return ("IRR") (33% at $1,500/oz gold), 22% after-tax IRR (28% at $1,500/oz gold)
• USD Mine life of 12 years with a 2.5-year pre-production period
• USD Average annual gold production in years 2 through 9 of 410,000 ounces gold and 2.4 million ounces silver; 3.9 million ounces gold and 22 million ounces silver recovered over the Life of Mine
• USD Low LOM strip ratio of 2.1 to 1 with a LOM mill grade of 1.0 g/t gold and 5.3 g/t silver
• USD LOM overall metal recoveries of 88% for gold and 93% for silver
• USD LOM direct operating cash costs estimated at $575/oz of gold equivalent
• USD LOM all-in sustaining costs estimated at $611/oz of gold equivalent
• USD Initial capital costs estimated at $809 million, using an owner-operated mining scenario
• USD LOM sustaining capital costs estimated at $124 million, plus $26 million for closure costs

Source :

Posted By : Rabi Wangkhem on Fri, 18 Oct 2019
Related News from Mining segment