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PureGold performance improving, new PFS expected in Q4

6th October 2022

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Canadian mining company Pure Gold will deliver a new prefeasibility study (PFS) for its namesake mine in the Red Lake district of Ontario in the fourth quarter, which will incorporate an updated life-of-mine (LoM) plan.

The PFS is expected to outline a long-life, profitable mining operation, the TSX-V- and LSE-listed company said on Wednesday.

Pure Gold earlier this year launched a strategic review of its mine, after its continued underperformance.  

The PureGold mine resumed fulltime mill operations in July, delivering strong back-to-back monthly ore tonnage in July and August, and achieving record monthly gold production in August. 

COO Terry Smith reported on Wednesday that the mine had achieved its gold production guidance for the third quarter, producing 9 041 oz, in line with its 8 700 oz to 12 300 oz guidance range.

Production costs for the third quarter are still being finalised, but are expected to be in the range of $9.5-million to $10.5-million a month.

"Our quarterly gold production results are a positive step in the operational transformation underway at the PureGold mine. Our short-range planning and execution are working well and with that, we can aggressively pursue further optimisation of the business.”

Looking ahead to the fourth quarter, Smith stated that the company expected another consecutive quarter-on-quarter step-up in production for the mine. Its guidance for the fourth quarter is 9 000 oz to 12 500 oz.

The updated PFS and LoM plan will be the basis for the 2023 guidance.

 

Edited by Creamer Media Reporter

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