U.S. Markets closed

Premier Gold to Divest Non-Core Assets

THUNDER BAY, ON , April 1, 2019 /CNW/ - Premier Gold Mines Limited ("Premier" or "The Company") (PG.TO) is pleased to announce that the Company has divested several non-core properties. 

Premier Gold Mines Limited (CNW Group/Premier Gold Mines Limited)

A total of four transactions have resulted in eight properties and one subsidiary being sold and/or optioned for total consideration of US$2.1 million .  The related properties include the Geisler Property, located in the Red Lake district of Ontario , the Faymar Property in Timmins, Ontario and the Santa Teresa Property, located in Baja, Mexico .  The Company also entered into an option agreement for the sale of Goldstone Resources Limited, the subsidiary that holds the historic Northern Empire, Leitch and Sand River Mines , as well as other exploration-staged projects in the Beardmore, Ontario region.

As a result of these transactions, the Company has also gained access to approximately US$1.23 million in cash which was previously restricted for reclamation obligations associated with the Northern Empire Mill.   

Premier Gold Mines Limited is a gold-producer with a respected exploration and development pipeline of high-quality precious metal projects in proven, accessible and safe mining jurisdictions in Canada , the United States , and Mexico . Premier remains focused on creating a low-cost, mid-tier gold producer through its two producing gold mines - South Arturo and Mercedes - as well as mine development opportunities at McCoy-Cove in Nevada and Hardrock in Ontario .

This Press Release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the Company's achievement of the full-year projections for ounce production (including pre-commercial production ounces), production costs, ASIC costs per ounce, cash cost per ounce and realized gold/silver price per ounce, development capital cost estimate at the South Arturo Mine, the Company's ability to meet annual operations estimates, about strategic plans, including future operations, future work programs, capital expenditures, discovery and production of minerals, price of gold and currency exchange rates, timing of geological reports and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks inherent to the mining industry, adverse economic and market developments and the risks identified in Premier's annual information form under the heading "Risk Factors." 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 information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Premier disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Premier Gold Mines Limited


View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2019/01/c2533.html