Premier unveils top-level team for i-80 Gold
Premier Gold Mines’ McCoy-Cove project in Nevada. Credit: Premier Gold Mines
Premier Gold Mines (TSX: PG; US-OTC: PIRGF) has picked the management team for new U.S.-focused gold miner i-80 Gold Corp., a company formed as part of the $612 million (US$478 million) acquisition of Premier by Equinox Gold (TSX: EQX; NYSE: EQX).
The friendly takeover, announced in December, proposed consolidating Premier’s gold asset in Nevada under a new entity, headquartered in Reno.
Key members of i-80 announced Monday include Ewan Downie as CEO and a director; Ron Clayton in the chairman of the board post and Matthew Gili as the president and chief operating officer.
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.
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Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold”) and
Premier Gold Mines Limited (TSX: PG, OTCPK: PIRGF) (“Premier”) are pleased to announce that the companies have entered into a definitive agreement (the “Agreement”) whereby Equinox Gold will acquire all of the outstanding shares of Premier. Concurrently, Premier will spin-out to its shareholders shares of a newly created US-focused gold production and development company to be called