Significant milestone in moving closer to development of the Hardrock Project
THUNDER BAY, ON, June 20, 2018 /CNW/ - Premier Gold Mines Limited ("Premier") (TSX: PG) is pleased to announce that Greenstone Gold Mines Inc. ("GGM"), a 50/50 joint venture between Premier and Centerra Gold Inc., has signed a Definitive Agreement ("DA") with Long Lake #58 First Nation ("LL#58FN") with respect to the development and operation of the Hardrock Project ("Project"), located in the Geraldton-Beardmore Greenstone Belt in Ontario, Canada.
This important milestone follows the thorough negotiation with LL#58FN involving open and respectful engagement, the result of which is an agreement built around trust, mutual respect, and the sincere commitment of all those involved. This agreement recognizes the rights and interests LL#58FN has within their traditional territory, and the rights and interests GGM has as owner and operator of the Project. The agreement also formalizes GGM's commitment toward protecting the environment and supporting First Nation social and cultural practices in the spirit of true and continued collaboration.
"We are proud to stand together with Long Lake #58 First Nation in celebration of this achievement" stated Eric Lamontagne, Greenstone Gold Mines General Manager, "This is an agreement that will deliver sustainable, economic and social benefits to the community for decades to come".
"This Agreement is the product of a relationship that was forged many years ago; a relationship that has and will continue to play an important role in the advancement of this Project through permitting toward production" stated John Begeman, Executive Chairman of Premier. "As the largest deposit within Premier's portfolio, the Hardrock deposit remains a key asset in growing our production profile in the coming years".
The DA outlines provisions for environmental monitoring, employment, training, business and contracting opportunities, along with a framework for regulatory permitting that extend not only to the Hardrock open pit, but to all properties within GGM's regional portfolio that lie within the traditional territory of LL#58FN. It is an agreement that establishes increased clarity regarding GGM's ability to develop and LL#58FN's opportunity to benefit from future mining opportunities in the region with the potential to extend the life of this Project beyond its current 15 year lifespan.
"We want to acknowledge the positive working relationship that we have had with GGM and we have an agreement that will provide our community with long-term benefits, enhanced and meaningful environmental participation, business opportunities, employment and training, and financial benefits", said Veronica Waboose, Chief of Long Lake #58 First Nation.
This marks the first agreement with a First Nation community that has asserted its rights and interest near the Project, and GGM is currently negotiating similar agreements with the other impacted communities.
Premier Gold Mines Limited is a gold producer and respected exploration and development company with a high-quality pipeline of precious metal projects in proven, accessible and safe mining jurisdictions in Canada, the United States, and Mexico.
This Press Release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, including future operations, future work programs, capital expenditures, discovery and production of minerals, price of gold and currency exchange rates, timing of geological reports and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks inherent to the mining industry, adverse economic and market developments and the risks identified in Premier's annual information form under the heading "Risk Factors". 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 information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Premier disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.