08:36 AM EDT, 05/15/2018 (MT Newswires) -- Premier Gold Mines (PG.TO) was up 4.2% in Frankfurt after said Tuesday a preliminary economic assessment (PEA) of its Cove Project in Nevada finds the site can support a US$46.6 million mining project producing 92,400 ounces of gold per year over an eight-year life.

The company said a mine at the the site would pay back its capital in four years, with all-in sustaining costs of US$897 per ounce of gold.

Premier said the results of the study support its plan to construct an exploration ramp into the deposit as it comes up with a feasibility study for the project.

"This PEA sets the stage for the company's planned advanced-exploration initiative at Cove," Ewan Downie, the company's chief executive, said in a statement.

Premier shares were up 0.08 Euros to 2.01 Euros at last look on the Frankfurt Stock Exchange. The shares closed Monday at $3.02 on the Toronto Stock Exchange.

Price: 3.02, Change: +0.05, Percent Change: +1.68