- Preliminary Economic Assessment (PEA) for the First Zone released in April 2017
- Base case pre-tax NPV of C$597M; IRR 21% (@ US $1,250 gold price) with payback under 4 years
- 24 years mine life with annual production of 142,000 ounces for the first 10 years
- Cooperation agreements signed with three separate First Nation bands
- Project economics remain potentially viable at lower gold price environment
Cautionary Statement Regarding Preliminary Economic Assessment
Preliminary Economic Assessment is preliminary in nature and may include measured and indicated mineral resources as well as inferred mineral resource. A measured or indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. Mineral resources are not mineral reserves do not have demonstrated economic viability. There is no certainty that the PEA will be realized.
The 2017 PEA was prepared by Moose Mountain Technical Services (MMTS) under the direction of Marc Schulte, P. Eng., a Qualified Person (as defined under National Instrument 43-101) who is independent of the Company. The technical report presenting the results of the PEA was filed on April 10, 2017.