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Following last month’s announcement of the
sale of Premier Gold Mines to Equinox Gold, Premier has released an updated preliminary economic assessment for its McCoy-Cove property in Nevada. The past-producing asset will be part of
i-80 Gold, a U.S.-focused spin-out with shares of this new company distributed to Premier’s existing shareholders.
The latest PEA suggests an eight-year, 1,070 t/d underground mine at McCoy-Cove, producing an average of 102,000 gold oz. annually at all-in sustaining costs of US$948 per oz. With mine construction capital costs pegged at US$81.9 million and assuming a US$1,400 per oz. gold price, the after-tax net present value estimate for the project comes in at US$178 million, at a 5% discount rate, with a 36% internal rate of return.
Premier updates PEA for ‘cornerstone asset’ McCoy-Cove
The McCoy-Cove project. Credit: Premier Gold Mines.
Following the announcement last month of the sale of
Premier Gold Mines (TSX: PG) to
Equinox Gold (TSX: EQX; NYSE-AM: EQX), Premier has released an updated preliminary economic assessment for its McCoy-Cove property in Nevada. The past-producing asset will be part of
i-80 Gold, a U.S.-focused spin-out with shares of this new company distributed to Premier’s existing shareholders.
The latest PEA suggests an eight-year, 1,070 tonne per day underground mine at McCoy-Cove, producing an average of 102,000 gold oz. annually at all-in sustaining costs of US$948 per ounce. With mine construction capital costs pegged at US$81.9 million and assuming a US$1,400 per oz. gold price, the after-tax net present value estimate for the project comes in at US$178 million, at a 5% discount rate, with a 36% internal rate of return.