Shares Issued: 148,992,712
THUNDER BAY, ON, Oct. 24, 2012 /CNW/ - PREMIER GOLD MINES LIMITED (PG: TSX) is pleased to announce receipt of an Environmental Compliance Approval (ECA) and a Permit to Take Water (PTTW) from the Ontario Ministry of the Environment (MOE). This latest milestone is a significant step for the potential advancement of the Trans-Canada Project and provides Premier with the ability to de-water and commence Advanced Exploration at the historic MacLeod-Mosher Mine site, which is host to the Company's Hardrock deposit. The Company is in the final stages of updating its resource estimates and has started evaluating various development options in advance of making a final decision on the Advanced Exploration program.
The ECA and PTTW set out conditions which allow the Company to draw water from the MacLeod - Mosher underground workings and then discharge it to the environment in a manner that is protective of all aquatic life and that is consistent with the Company's sustainable development philosophy.
"The approvals will facilitate a timely advanced exploration program and positions Premier to reach the Company's ultimate objective of converting Trans-Canada into a producing asset" stated Ewan Downie, President and Chief Executive Officer. "Since Premier became involved in the Project, we have been successful in defining significant gold resources including the discovery of new zones from surface drilling. In order to fully understand the deposits, the next phase of work is expected to include delineation of these zones from underground."
The Trans-Canada Project is host to several past-producing mines which collectively produced more than 4 million ounces of gold from depths primarily within 600 metres of surface between 1938 and 1968. The current mineral resource estimate for the Hardrock Deposits was completed by Micon International Limited earlier in 2011. An updated resource estimate for the Hardrock deposit is being completed and is expected to be completed and released in the near future. The Trans-Canada Project benefits from development advantages associated with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines which run through, or in close proximity to, the Project. Service and material suppliers as well as a skilled labour pool also exist within the local communities.
"The Hardrock Project is one of a select group of gold deposits throughout the world that is situated on a major highway, is surrounded by substantial infrastructure, and is within walking distance of an existing community" said Stephen McGibbon, Executive Vice-President of Premier. "Aside from being located in Canada, this outstanding infrastructure is expected to lessen risk associated with the potential future development of the multiple deposits that make up the Trans-Canada Project".
Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Assay results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, or to Accurassay Laboratories, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
Premier Gold Mines Limited is one of North America's leading exploration companies with a high-quality pipeline of projects focused in proven, safe and accessible mining jurisdictions in Canada and the United States. The Company's portfolio includes significant assets in world class gold mining districts such as Red Lake, Musselwhite and Geraldton in Ontario and the Battle Mountain and Carlin Trends in Nevada.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
SOURCE: Premier Gold Mines Limited
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