First Mining Details Updated Assessment for Springpole Gold Project

First Mining Gold

First Mining is a mineral property holding company whose principal business activity is to acquire high quality mineral assets with a focus in the Americas. The Company currently holds a portfolio of 21 mineral assets in Canada, Mexico and the U.S.A.

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First Mining Details Updated Assessment for Springpole Gold Project

posted on Oct 16, 2019 02:54PM

2019-10-16 09:26:23 AM ET (MT Newswires)

09:26 AM EDT, 10/16/2019 (MT Newswires) -- First Mining Gold (FF.TO) said Wednesday that its updated Preliminary Economic Assessment (PEA) on its wholly-owned Springpole Gold Project showed mine life of 12 years with a 2.5-year pre-production period.

According to a statement, average annual gold production in years 2 - 9 was 410,000 ounces gold and 2.4 million ounces silver. Over the life of mine the company recovered 3.9 million ounces gold and 22 million ounces silver.

Highlights of the PEA included $1.23 billion pre-tax net present value discounted at 5%. It also reported an updated "metallurgical testwork that has demonstrated the potential for significantly improved recoveries."

Shares on Tuesday gained 2.3% to $0.22 apiece in a 52-week range of $0.20 - 0.41.

Price: 0.2250, Change: +0.0050, Percent Change: +2.27

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