Premier Gold Mines is spending US$83 million this year to explore and develop its properties in Northern Ontario, Nevada, and Mexico.
The biggest expenditure is for one of its tentpole projects near Geraldton in northwestern Ontario. Premier has earmarked $37.9 million to further advance its Hardrock gold deposit in a joint venture it shares with Centerra Gold known as Greenstone Gold.
It represents a “four-fold” increase in annual project spending from the previous year. The first $18.1 million from the budget is devoted to permitting and detailed engineering in order to make a production decision later on.
To the northwest, Premier has slotted more than $2.8 million for follow-up drilling at its Hasaga Project in the Red Lake district. The company identified some high-grade gold targets during exploration last year.
Premier owns or is a partner in two operating mines in Nevada and Mexico, four advanced-stage development projects, plus numerous exploration properties across North America. Down in north-central Nevada, Premier is sinking $19 million into its Cove Project to do 8,000 metres worth of drilling and a preliminary economic assessment on a former mine property.
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