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TICKERS: PG

Resource Estimate for Ontario Project Boosts Gold Grade 21%, Ounces 26%
News Update

Source:

These increases indicate an "attractive, near-term development opportunity," the company states.

Premier Gold Mines Ltd. (PG:TSX) announced in a news release the results of an updated mineral resource estimate for the Hardrock deposit in Ontario, owned by Greenstone Gold Mines, a 50/50 joint venture between Premier and Centerra Gold.

The updated estimate, prepared by GMining Services, indicates a 21% increase in grade, a 26% increase in ounces and a 4% increase in tons over those of the Measured and Indicated (M&I) resources in the 2016 feasibility study.

Specifically, the 2019 resource encompasses total M&I resources of 7,105,000 ounces (7.105 Moz) of gold, 11% greater than the 2016 estimate.

For the open pit, M&I Resources are restricted to 5.868 Moz of gold, including an initial 237,000 ounces in the Measured category.

"The increase in ounces and grade within the updated pit shell confirm our view that Hardrock is one of Canada's most attractive, near-term development opportunities," Premier President and CEO Ewan Downie said in the release.

Results from the 2018 and 2019 drill campaigns, which encompassed 12,000 meters of infill core drilling and 26,000 meters of reverse circulation drilling, support the mineral resource estimate.

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