09:26 AM EDT, 10/16/2019 (MT Newswires) -- First Mining Gold (FF.TO) said Wednesday that its updated Preliminary Economic Assessment (PEA) on its wholly-owned Springpole Gold Project showed mine life of 12 years with a 2.5-year pre-production period.
According to a statement, average annual gold production in years 2 - 9 was 410,000 ounces gold and 2.4 million ounces silver. Over the life of mine the company recovered 3.9 million ounces gold and 22 million ounces silver.
Highlights of the PEA included $1.23 billion pre-tax net present value discounted at 5%. It also reported an updated "metallurgical testwork that has demonstrated the potential for significantly improved recoveries."
Shares on Tuesday gained 2.3% to $0.22 apiece in a 52-week range of $0.20 - 0.41.
Price: 0.2250, Change: +0.0050, Percent Change: +2.27
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