Name of the Project
Laiva gold mine project.

Location
The project is located near Raahe, Finland.

Project Owner/s
Nordic Gold (formerly Firesteel Resource).

Project Description
Laiva is a gold mine is a conventional openpit mine with two pits and a recently constructed 6 000 t/d, state-of-the-art process plant.

It has estimated measured mineral resources of 355 000 t grading 1.13 g/t gold and indicated mineral resources of 3.4-million tonnes grading 1.25 g/t gold. Inferred mineral resources are estimated at 9.03-million grading 1.53 g/t gold.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value of $91.54-million and an internal rate of return of 44.6%, with a payback of 1.7 years.

Capital Expenditure
Preproduction capital expenditure is estimated at $7.12-million.

Planned Start /End Date
First gold was poured at the mine in November 2018

Latest Developments
The Laiva gold mine has been placed on care and maintenance until an alternative mining contractor and additional financing have been found. Nordic has terminated its contract with the mining contractor to reduce the outflow of cash.

The mine, which has failed to improve tonnes and mill grades, is expected to be on care and maintenance for between three and four months.

In terms of financing, Jett Capital Advisors has been engaged to help secure $35-million in debt financing, which the junior will use to restart the mine and mill, replacing its current lender.

In addition to replacing the current lender, these funds will provide working capital for ongoing operations and provide funds for drilling to expand the resource at Laiva mine, where nearby, Nordic owns close to 4 295 ha of highly prospective, but underexplored, explorational property.

The area permitted for mining covers a further 1 694 ha, much of which is also underexplored, the company has said.

Since its first pour in November 2018, the mine has produced 6 920 oz of gold and has received $8.8-million from gold sales.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Firesteel Resources, tel +1 647 799 3404 or email info@firesteelresources.com.