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by Stockwatch Business Reporter
New York spot gold fell $22.70 to $1,290.30 on Tuesday. The TSX Venture Exchange lost 9.28 points to 781.03 while the TSX Gold Index fell 3.22 points to 187.61. Yamana Gold Inc. (YRI) led Canadian golds lower, dropping 14 cents to $3.61 on 5.47 million shares.
John Begeman and Ewan Downie's Premier Gold Mines Ltd. (PG) slid 17 cents to $2.85 on 1.12 million shares following its release of a preliminary economic assessment of its Cove project, near Battle Mountain in Nevada. The study credited the project with a discounted net present value of $143-million (U.S.) after taxes, based on an eight-year, 1,360-tonne-per-day mine that would cost $46.6-million (U.S.) to build. (Another $25.8-million (U.S.) is needed for "predevelopment costs.") The proposed mine would average 92,400 ounces of gold per year at an all-in sustaining cost of nearly $900 (U.S.) per ounce.
The Cove plan is based on 948,000 tonnes indicated at 11.2 grams of gold and 29.5 grams of silver per tonne and another 3.66 million tonnes inferred at 11.2 grams of gold and 20.9 grams of silver per tonne, for a total of 1.66 million ounces of gold and 3.36 million ounces of silver. Mr. Downie, Premier's $468,000-a-year president and chief executive officer, says that the new study sets the stage for Premier's planned advanced exploration initiative at Cove, adding that it supports his company's plan for the construction of an exploration ramp to further define and expand the Cove deposits ahead of a future feasibility study. How far in the future is hard to say, as Premier's current target is vague at best: Baseline studies, permitting and a feasibility study are "planned for 2019/2020."
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