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Share Name Share Symbol Market Type Share ISIN Share Description
Pure Gold Mining Inc. LSE:PUR London Ordinary Share CA74624E1007 COM SHS NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50 -0.65% 76.50 75.00 78.00 80.50 76.50 78.50 169,505 12:50:46
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining - - - - 274

Pure Gold Mining Inc. PureGold Mine Ramp-Up Progressing Steadily

03/03/2021 11:54am

UK Regulatory (RNS & others)


Pure Gold Mining (LSE:PUR)
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TIDMPUR

RNS Number : 0552R

Pure Gold Mining Inc.

03 March 2021

NEWS RELEASE 21- 02 March 3 , 2021

PUREGOLD MINE RAMP-UP PROGRESSING STEADILY

VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) ("PureGold" or the "Company"), is pleased to provide an update on ongoing commissioning and ramp-up activities at the Company's high grade PureGold Mine in Red Lake, Ontario.

Since pouring first gold in December 2020, commissioning activities at the PureGold Mine have transitioned to full scale ramp-up of the mining and milling operations, with approximately 260 persons employed at the mine site. Performance to date has met or exceeded expectations with respect to underground development and ore production rates, milling performance and gold recovery. Gold pours and shipments have continued regularly throughout the ramp-up period.

Mine Production

The underground mine is currently being accessed via a single decline, the Main Ramp, which is presently at a depth of approximately 300 metres. Ore production to date has primarily been from lateral sill development with the establishment of access to longhole and mechanized cut and fill stopes being a key priority during ramp-up. The first high grade stopes began to come into production in late February and head grades to the mill have increased since that time. With significant lateral sill development now complete, high grade stopes are expected to comprise an increasing proportion of ore production over the coming months. Accordingly, head grades are expected to continue to increase and unit costs are expected to continue trending downward. The forecast grade of mine production for the month of March is 7.0 g/t gold, in line with the grade profile for the first year of production outlined in the 2019 Feasibility Study.(1)

East Portal

To allow for increased ore tonnage from the mine and enhanced flexibility, a second decline on the northeast end of the mine, the East Portal, was collared in 2020 and is currently advancing at a rate of over seven metres per day. Lateral sill development from the East Portal is expected to commence in late March 2021 with stope production anticipated from April onward. Ore production from the East Portal will complement current ore production from the Main Ramp and with two independent mining centers established, the Company expects to be able to meet or exceed the design capacity of 800 tonnes per day from the mine.

Processing

The milling facility has performed in line with expectations, averaging approximately 600 tonnes per day for the month of February, with multiple days exceeding 700 tonnes in the latter part of the month. Ore processing rates for the first few weeks in January were constrained by minor ramp-up issues related to pumps and water balance which have now been largely resolved. Ramp-up activities are currently focused on optimization of the mill process systems with throughput and ore production trending steadily toward the design rate of 800 tonnes per day which is expected to be achieved in the coming weeks. Gold recoveries have been tracking in line with expectations at approximately 95% with both the gravity and CIP circuits performing well. Gold pours have been occurring at a rate of approximately one pour per week with regular shipments of gold doré to the Royal Canadian Mint.

Outlook for 2021

With the steady progress of mining and milling performance throughout the ramp-up period toward the design production rate of 800 tonnes per day, the Company currently anticipates declaring commercial production at the PureGold Mine in Q2 2021. Inaugural production and cost guidance for the balance of 2021 will follow shortly thereafter.

Qualified Persons and 43-101 Disclosure

Ken Donner, P. Eng., Vice President, Operations for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.

About Pure Gold Mining Inc.

PureGold is a growth company, located in the very heart of Red Lake, Canada. Our objective is pure and simple. To develop a highly-profitable long life gold mining company, becoming Canada's next iconic gold producer. Our plan is very disciplined, very methodical and financially sound. To expand organically, and develop PureGold's multi-million ounce high grade gold asset incrementally, step-by-step, using a phased mining development plan to deliver maximum return.

Additional information about the Company and its activities may be found on the Company's website at www.puregoldmining.ca and under the Company's profile at www.sedar.com .

1. For further information, see the technical report titled "Madsen Gold Project Technical Report Feasibility Study for the Madsen Deposit Red Lake, Ontario, Canada" with an effective date of February 5, 2019, and dated July 5, 2019 (the "Feasibility Study"), for further information, available at www.puregoldmining.ca or under the Company's Sedar profile at www.sedar.com

ON BEHALF OF THE BOARD

"Darin Labrenz"

Darin Labrenz, President & CEO

Investor inquiries:

Adrian O'Brien, Director Marketing & Communications

Tel: 604-809-6890

aobrien@puregoldmining.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to PureGold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address proposed timing of development plans for the PureGold Red Lake Mine (RL Mine Project), timing of expected gold production and throughput, expected grades and recoveries, the potential for declining costs, expected development schedule, potential for advancing the timing for higher grade ore, the potential to exceed mill design capacity and the focus of the Company in the coming months . Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of PureGold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the RL Mine Project ; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; the timing of future economic studies; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 in the section entitled "Risk Factors", under PureGold's SEDAR profile at www.sedar.com .

Although PureGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. PureGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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END

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March 03, 2021 06:54 ET (11:54 GMT)

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