Shares Issued: 137,431,855
THUNDER BAY, ON, April 9, 2012 /CNW/ - PREMIER GOLD MINES LIMITED (PG:TSX) is pleased to announce that, the Ontario Ministry of Northern Development and Mines (MNDM) has accepted the Company's Advanced Exploration Closure Plan as filed for the Company's 100% owned Hardrock deposit. The acceptance of the Closure Plan allows Premier to begin preparing certain areas of the site for the dewatering project and proposed ramp excavation activities, marking a significant milestone for the Company and for the advancement of the Trans-Canada Project of which the Hardrock is the flagship deposit.
The Advanced Exploration Closure Plan reflects Premier's commitment to carry out advanced the Advanced Exploration activities in a manner that safeguards environmental sustainability, respects and considers the various communities in the area, during and after the life of the operation. Furthermore, based on the rehabilitative and monitoring assessment carried out in the Closure Plan, Premier has provided Financial Assurance to the MNDM in the amount of CDN $633,089.00 to fully cover the cost of closure for the activities outlined in the Closure Plan.
"Recently, Premier has begun to focus on advancing its US operations towards development, and we hope to do the same at the Trans-Canada Project. The Closure Plan is the first step in realizing this goal" commented Ewan Downie, President and CEO of the Premier Gold Mines. "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, we must delineate and pursue these zones from underground, and we are very eager to begin the dewatering and ramp activities in order to launch the next phase of exploration."
The Company expects that as the exploration plans move forward and with continued meaningful engagement with local Aboriginal communities and the Municipality of Greenstone, the Closure Plan will evolve to reflect the results of the exploration program and the valuable feedback received from the various interested parties. Premier would like to take this opportunity to express our sincere gratitude for the support and involvement received from the various local communities and look forward to the opportunity to generate economic opportunities and prosperity from the successes of the Company's operations.
While the acceptance of the Advanced Exploration Closure Plan allows for certain activities to commence, Premier cannot begin the dewatering and ramp excavation activities until two (2) additional approvals from the Ontario Ministry of Environment (MOE) are received. Currently, these permit applications are under review by the MOE; the Permit to Take Water, and the Industrial Sewage Certificate of Approval. Premier anticipates that all remaining permit approvals will be received prior to the end of the second quarter.
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 Hardrock Deposit is host to a (NI) 43-101 compliant mineral resource estimate that was completed by Micon International Limited earlier in 2011. An updated resource estimate is being completed utilizing final results of the 2011 drill program, and is expected to be released late in the near future. The Trans-Canada Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through, or in close proximity to, the Project sites. Significant services and a skilled labour pool exist with several communities located in close proximity.
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 that are 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 Carlin Trend 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.
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