Page 58 G r eenst one G old M ines Joint V enture P r emier and C en t err a G old Har dr o ck dep osit r emains priorit y f or c ompan y By Kevin V incent The Thunder Bay Mining District is far from being depleted and companies like Greenstone Gold Mines Premier and Centerra Gold continue to fock to the region and are betting a part of their future on its riches T o recognize our plans for increased production in the years to come per mitting of the Cove deposit in Nevada and the Hardrock deposit in Ontario remain a priority for the company said Premier President and CEO Ewan Downie in a recent circular to share holders Greenstone Gold Mines GGM the joint venture between the two com panies is developing the Hardrock Brookbank and V iper properties and they expect to invest a billion dollars in capital to get it going The company released their 2019 f nancials in late January which included 67427 ounces of gold and 192829 ounces of silver from their Mercedes Mine in Mexico and the South Arturo Mine in Nevada Premier is using the winter to prepare detailed engineering and permitting submissions in anticipation of a pro duction decision thereafter The Hardrock Open Pit resource has been in creased to 71 millio n ounces of gold A Long T erm Re lationship Agreement L TRA with Aroland AZA and Ginoogaming First Nation has been completed The lar gest deposit in Premier s port folio remains the Hardrock that is being advanced by Greenstone Gold Mines a 5050 joint venture created with Cen terra Gold In late 2018 the Federal EA was approved and the Provincial EIS approval is expected in early 2019 paving the way for permits and an ulti mate construction decision to develop the 46 millionounce Hardrock open pit deposit Premier holds a 50 interes t in the Greenstone Gold Property formerly T ransCanada Property through its participation in Greenstone Gold Mines Between 1930 and 1970 more than 40 mill ion ounces of gold was mined from multiple mines in the region with the Hardrock mines being the lar gest Historic production was from under ground mining methods According to company statements the Greenstone Gold Property is blessed with ideal infrastructure that includes the T ransCanada Highway Canada s national highway and the T ransCan ada natural gas pipeline extending along its length In Late 2016 A feasibility study was completed on the Hardrock open pit deposit The current focus at Green stone is to work through the permit ting process and foster relationships with local and aboriginal communi ties The two compa nies say the highlights of the project include an Open Pit Life of Mine of 145 years gold production of 42 million ounces at 102 g Aut a gold price assumption of US1250 oz a mill throughput of 27000t of ore per day with the possibility to extend up to 30000t per day Initial capital cost of 125 billion with an aftertax payback period of 45 years and an average of 450 employ ees over the life of mine The Greenstone Gold Property is lo cated within the BeardmoreGerald ton greenstone belt in Northwestern Ontario approximately 275km north east of Thunder Bay Page 58