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PureGold announces record gold production in August. The Canadian Business Journal Reaffirms Guidance for Q3 2022

  • August gold production of 4,595 oz, driven by strong ore tonnage and improved grades
  • Robust drilling stocks support forecasts for September. Q3 2022 Guidance Reaffirmed
  • Further growth projected as mining shifts fully to Austin/South Austin Zone
  • Updated Life-of Mine plan results on track for Q4 2022

VANCOUVER, BRITISH COLUMBIA, September 12, 2022 (GLOBE NEWSWIRE) — Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”) announced today that it will begin Q3 2022 reconfirmed and announced the guidance of Gold production in August 2022 set a new monthly record for the PureGold Mine (“The Mine”) with record ore throughput and improved grades.

QTD total /
Q3 2022
tons of ore processed

25,188 24,052 49,240 71,300 to 80,500
Average daily throughput (tpd) 813 776 794 775-875
Head grade (g/t Au) 5.9 3.1 4.5 4.0 to 5.0
recovery (%) 96.2% 93.7% 95.1% 95.0%
production ounces (oz) 4,595 2,232 6,827 8,700-12,300

Production updates and outlook

August ore throughput of 25,188 tons or 813 tons per day (“tpd”) and gold production of 4,595 ounces represent monthly records for the mine to date. July’s ore throughput of 24,052 tonnes was also a monthly record until it was broken in August.

Average ore throughput increased to 794 tpd in Q3 to date, compared to an average of 500 tpd in Q2, primarily due to improved short-term planning processes, improved mining execution and increased mill availability. It is due to These fundamental improvements are expected to continue supporting strong and increasing production in the future. The company’s short-term goal is to increase ore throughput towards 1,000 tpd.

The August head grade of 5.9 g/t Au increased by 90% compared to July’s 3.1 g/t Au. This improvement was facilitated by increased mill feed from high grade stops. Recent improvements to mine planning practices have established drilling inventories of high grade stops to help optimize grade and production. Additionally, we expect grades to continue to rise as mining continues to move to the higher grade Austin and South Austin zones.

The September production forecast is largely supported by strong drilling inventories, with the company on track to meet its previously announced third quarter production guidance of 775-875 tpd at 4.0-5.0 g/t Au. We are making good progress. The company has not provided monthly results to date and does not intend to do so on a regular basis, but he will provide July and He August data to reconfirm guidance for Q3 2022. doing.

Definition drilling and planning activities are currently focused on production in November and December. Production results for the third quarter and production guidance for the fourth quarter are expected to be disclosed by early October.

Pre-feasibility studies, mine plan life, technical report updates

The updated Life-of-Mine Plan and Pre-Feasibility Study are on track for release in Q4 2022. The Company expects to submit by September 25th an updated technical report on the updated Mineral Resource estimates announced on August 10, 2022. 2022.

cost update

Site-level operating and sustaining capital costs for the third quarter are expected to be in the range of $9.5 million to $10.5 million per month. Costs at these levels are in line with Q2 2022 costs, with an absolute reduction of approximately 25% and a cost per tonne of approximately 50% compared to Q1 2022. represents a reduction in Several opportunities to further reduce costs currently in progress or Done.

Further opportunities have been identified and will be implemented in early 2023. This represents a slight delay from previous disclosures regarding implementation by the end of 2022. Our estimate of these additional opportunities has not changed from our previous disclosure and will be a savings of $1 million per person. It is expected that these and other long-term savings opportunities will be identified and incorporated into the updated Life-of-Mine plan (approximately 10% monthly compared to third quarter costs).

capital and liquidity

The company now has $6 million in cash. The company’s cash balance remains unchanged from its previous disclosure on August 15 and has been stable since late July.

Qualified Person and 43-101 Disclosure

Terrence Smith, P.Eng., our COO (Chief Operating Officer), is the designated qualifier for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and the technical information here The content contained is accurate and I authorize its disclosure in writing.

About Pure Gold Mining Inc.

PureGold is a Canadian gold mining company located in the heart of Red Lake, Canada. We are a principled and ethical company that wants to be a good neighbor. We care about our employees (safety, training, culture, good pay and benefits for our employees), our communities (strong and sustainable economic benefits and community development), and the environment (meeting standards and exceed).

Additional information about the company and its activities can be found on the company website. www.puregoldmining.ca and under company profile www.sedar.com

On behalf of the Board of Directors
Mark O’Dea
Mark Odeer, President and CEO

Inquiries from investors:
Adrian O’Brien
Director, IR & Communications
Phone: 604-809-6890
[email protected]

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

All statements in this press release, other than statements of historical fact, are “forward-looking information” regarding PureGold within the meaning of applicable securities laws. Plans for the PureGold Mine, including proposed updated NI 43-101 Technical Reports and the timing and content of such Technical Reports. We expect to achieve the aforementioned production guidance in the third quarter. Expectations for third quarter production and fourth quarter guidance disclosures in October; expectations for effectiveness of new initiatives to improve station access and deliver higher throughput, better performance and lower costs . Expected to meet site-level cost projections in Q3 and reduce costs by early 2023 compared to Q3. Possibility to extend the mine life of PureGold mines. New pre-feasibility study and updated Life of Mine Plan timings and results. Possibility to convert resources into reserves. Migration of mining from the McVay Zone to South Austin and the Austin Zone. Hope to keep improving. Potential for additional resources and expansion of known deposits, as well as potential for new discoveries and company focus in the coming months. Although not always, information about future prospects is often, but not always, “seek,” “forecast,” “plan,” Identified using words such as “expect”. , “expect”, “expand”, “enhance”, “increase”, “optimize”, “project”, “forecast”, “potential”, “support”, “targeting”, “intent”, “believe” , “improved”, “could”, and similar expressions, or describe a “goal” or variation of such words or phrases, or describe a particular action, event, or outcome as “could” “would”, “might” or “will” stating “is”, “should”, “confirm”, “could”, “would”, “might” or “will” be obtained, occurred or achieved. Forward-looking information is not a guarantee of future performance and is not a guarantee of future performance in the future of the price of gold and other metals, exchange rates and interest rates, good business conditions, political stability, timely government approvals and Obtaining financing, obtaining renewals of existing licenses and permits and obtaining required licenses and permits, stability of labor, stability of market conditions, availability of equipment, accuracy of mineral resources, success of disputes Good solution and expected costs and expenses. Many assumptions are based on factors and events outside of PureGold’s control and there is no guarantee that they will prove correct.

Such forward-looking information involves known and unknown risks that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. I have. Going Concern; Mine Closure and Rehabilitation. Failure to achieve quotes or significant increase in costs. Net loss and negative operating cash flow, debt history. Interpretation of results at the PureGold mining complex, including reserve and resource estimates, may prove to be incorrect. As plans continue to be refined, project parameters change. current economic conditions; future prices of commodities; potential fluctuations in grades or recoveries; Cost and timing of development of new deposits. failure of equipment or processes to perform as expected; failure of contracting parties; timing and success of general exploration and development activities; delays in authorization; potential claims against us; Timing of future economic research. Mining Labor Disputes and Other Risks. delays in obtaining government approvals, financing, or completing exploration and the factors described in the section entitled “Risk Factors” of the Company’s Annual Information Form dated March 30, 2022; www.sedar.com.

PureGold has attempted to identify important factors that could cause its actual actions, events or results to differ materially from those set forth in the forward-looking information, but PureGold does not anticipate actions, events or results. , estimated, or there may be other factors that cause it to differ from that intended. No warranty can be given that such information will prove to be accurate as actual results or future events could differ materially from those anticipated in such statements. Unless required to do so, we disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

CBJ Newsmaker

PureGold announces record gold production in August. The Canadian Business Journal Reaffirms Guidance for Q3 2022

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