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Pure Gold Mining Inc. filed its third-quarter 2022 financial results, revealing unaudited interim statements available on SEDAR. The company has placed the PureGold Mine on care and maintenance, leading to the postponement of the previously scheduled Pre-Feasibility Study (PFS). Despite this setback, Pure Gold continues to explore options for an updated Life-of-Mine Plan (LOM Plan). The mine, located in Red Lake, Ontario, has significant discovery potential, having commenced gold production in 2021.
Pure Gold Mining announces a financial update revealing a cash balance of approximately $2 million and a net working capital deficit of about $13 million. The company has suspended operations at the PureGold Mine due to a lack of consistent positive cash flow despite previous production increases. They expect no funds from warrant exercises before their expiry on November 25-27, 2022, and haven’t secured alternative financing. A strategic review process is underway to explore funding options and safeguard asset values.
Pure Gold Mining announced achieving its gold production guidance for Q3 2022 at its PureGold Mine in Ontario, producing 9,041 ounces of gold. The company's production outlook for Q4 indicates an expected production of 9,000 to 12,500 ounces. Despite unexpected downtime affecting throughput in September, operational improvements have led to a 25% reduction in costs from Q1 2022. PureGold is on track to deliver an updated Pre-Feasibility Study and an Updated Mineral Resource Estimate in Q4, aiming for continued production growth and profitability.
Pure Gold Mining Inc. announced the filing of a National Instrument 43-101 Technical Report following an updated Mineral Resource Estimate (MRE) released on August 10, 2022. The report, prepared by SRK Consulting and dated September 23, 2022, highlights that the PureGold Mine has an estimated 1.65 million ounces of gold in the Indicated category and 0.37 million ounces in the Inferred category. This MRE will serve as the foundation for a new Pre-Feasibility Study expected in Q4 2022, aimed at maximizing operational value.
Pure Gold Mining Inc. announced a record gold production of 4,595 ounces in August 2022, supported by strong ore throughput of 25,188 tonnes and improved head grades of 5.9 g/t Au. The Company reaffirmed its Q3 2022 guidance with expectations to achieve 775-875 tpd at 4.0-5.0 g/t Au. Future production is bolstered by a robust drilled inventory and ongoing improvements in mining execution. Site-level operating costs are projected at $9.5-$10.5 million per month, reflecting a reduction of approximately 25% from earlier quarters. The updated Life-of-Mine plan is on track for release in Q4 2022.
Pure Gold Mining reported operational updates and financial results for Q2 2022. The company anticipates a positive cash flow in Q3 2022 thanks to operational improvements. A new Life of Mine plan and Pre-Feasibility Study are on track for completion in Q4 2022, aided by a recent updated Mineral Resource Estimate showing 1.65 million ounces of gold at 7.4 g/t. Q2 gold production was down to 3,509 ounces due to cash-preservation measures, resulting in a mine operating loss of $18.5 million. The company holds current assets of $23.2 million against liabilities of $47.7 million.
Pure Gold Mining has updated its Mineral Resource Estimate (MRE) for its PureGold Mine, revealing 1.65 million ounces of gold at an average grade of 7.4 g/t within the Indicated category and 0.37 million ounces at 6.3 g/t in the Inferred category. The updated MRE, effective December 31, 2021, replaces the 2019 estimate. This new estimate will contribute to an upcoming Pre-Feasibility Study and Life of Mine plan, expected in Q4 2022. The company anticipates improved operational performance as they shift focus to higher-grade zones containing 89% of the indicated resource.
Pure Gold Mining Inc. has finalized a US$6 million Additional Credit Facility with Sprott, enhancing liquidity through a new repayment schedule. This includes a rescheduling of C$12 million in principal repayments, providing vital cash flow. The Operational Turnaround Plan is ongoing, and the updated Life of Mine Plan is on track, while a strategic review process has begun to explore alternatives for maximizing shareholder value. Both the credit agreement amendments and the strategic review could influence the company's financial stability and future operations.
On June 13, 2022, Pure Gold Mining announced the Board's approval of 35,450,000 stock options to enhance retention and incentivize senior personnel, management, and directors. The options have an exercise price of $0.275 and are valid for five years. Pure Gold operates the PureGold Mine in Red Lake, Ontario, which began commercial production in 2021. The mine sits on a 47-square-kilometer property with potential for further discoveries.
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