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PureGold provides an independent technical report containing the Canadian Business Journal’s latest mineral resource estimates for the PureGold mines.

VANCOUVER, BRITISH COLUMBIA, September 26, 2022 (GLOBE NEWSWIRE) — Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”) hereby announces that following its release: I am pleased to announce that Mineral Resource Estimates (“MRE”) updated on 10 Augustth In 2022, the Company submitted a National Instrument 43-101 Technical Report titled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimates for PureGold Mines in Canada” dated 23 September by SRK Consulting. did.rdwith an effective date of December 31, 2022stThis report is available on SEDAR (http://www.sedar.com) and is also posted on our website (https://www.puregoldmining.ca/our-mine/mineral-resources/) .

Mineral Resource Estimate Highlights for 2022:

PureGold Mine MRE includes:1,2:

1.65 million ounces of gold at 7.4 grams per tonne (“g/t”) within 6.9 million tonnes of the Indicated Mineral Resource category; and

370,000 ounces of gold at 6.3 g/t within 1.8 million tons of the Inferred Mineral Resource category.

The updated MRE will form the basis of the new Pre-Feasibility Study (PFS) and updated Life of Mine plan. It will be led by SRK and will be released in the fourth quarter of 2022. This updated PFS incorporates several ongoing deals. -Start research to identify the best operational practices that maximize value for your company.

  1. Mineral resources are not mineral reserves and have not demonstrated economic viability. There can be no certainty that all or part of the estimated Mineral Resources will be converted into Mineral Reserves. Mineral resource estimates can be materially affected by environmental, permitting, legal, property, taxation, socio-political, marketing or other related issues. A classification of Indicated and Inferred Mineral Resources was made according to the definitions of the Canadian Institute of Mining, Metallurgy and Petroleum Institute. The quantities and grades of the Inferred Mineral Resources reported in this estimate are inherently uncertain, there has been insufficient exploration to define these Inferred Mineral Resources as Scheduled Mineral Resources, and further exploration may render them a Scheduled Mineral Resource. It is unknown if it will upgrade to the resource category. All numbers are rounded to reflect the relative precision of the estimates. The mineral resource has a gold price of 1800 USD/oz, a mining recovery rate of 95.0%, a metallurgical recovery rate of 95.0%, and an underground tunnel that produces an optimized stroop shape using continuous MSO runs at a stroop height of . reported to be constrained by the Mining Stope Optimizer tool. 3, 6 and 12 meters. Mineral resources are presented as undiluted tonnage and a gold grade of 3.38 g/t cutoff or higher.
  2. For more information, see Technical Report, Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada, effective December 31, 2022, dated September 23, 2022.available in puregoldmining.ca Or under the Sedar profile of the company www.sedar.com

Qualified Person and NI 43-101 Disclosure

Terrence Smith, P.Eng. Our Chief Operating Officer, who is the designated person for this news release within the meaning of National Instrument 43-101, has reviewed and verified the accuracy of the technical information contained herein, I authorize written disclosure.

About Pure Gold Mining Inc.

PureGold is a Canadian gold mining company located in Red Lake, Ontario, Canada. The Company owns and operates the PureGold mine, which will start producing gold in 2021 after successfully building an 800tpd underground mine and processing facility. The PureGold mine is centered on a 47 square kilometer site with significant discovery potential.

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. Expectations regarding the effectiveness of new initiatives to improve access to stations, resulting in higher throughput, better performance, and lower costs in 2022. By the end of 2022 compared to 2021, achieve minimum targets for reductions in ore production, average head grade and monthly operating costs. 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. 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 provides an independent technical report containing the Canadian Business Journal’s latest mineral resource estimates for the PureGold mines.

Source link PureGold provides an independent technical report containing the Canadian Business Journal’s latest mineral resource estimates for the PureGold mines.

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