TIDMPUR
RNS Number : 4353G
Pure Gold Mining Inc.
15 November 2022
NEWS RELEASE 22-29 November 15, 2022
PureGold files Third Quarter 2022 Financials
Provides LOM Plan and Technical Report Update
VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR)
("PureGold" or the "Company"), today filed Third Quarter 2022
summary financial and operating results. The Company's unaudited
condensed interim financial statements and related management's
discussion and analysis for the three and nine months ended
September 30, 2022, will be available for download on SEDAR and on
the Company's website. All amounts are expressed in Canadian
dollars ("$"), unless otherwise noted.
Following the decision to place the PureGold Mine on care and
maintenance and considering the time constraints associated with
the Companies' Creditors Arrangement Act ("CCAA") proceedings, the
Company no longer expects to release a Pre-Feasibility Study
("PFS") Technical Report in the fourth quarter of 2022 as has been
previously disclosed. The Company continues to evaluate several
alternatives to advance an updated Life-of-mine Plan ("LOM Plan")
for the PureGold Mine which may include the completion of a PFS or
similar study at a later date.
About Pure Gold Mining Inc.
The Company is a Canadian gold mining company, located in Red
Lake, Ontario, Canada. The Company owns and operates the Company's
Mine, which began gold production in 2021 after the successful
construction of an 800 tpd underground mine and processing
facility. The Company's Mine is centered on a forty-seven square
kilometre property with significant discovery potential.
Additional information about the Company and its activities may
be found on the Company's website at www.puregoldmining.ca and
under the Company's profile at www.sedar.com
ON BEHALF OF THE BOARD
"Mark O'Dea"
Mark O'Dea, President & CEO
Investor inquiries:
Adrian O'Brien
Director, IR & Communications
Tel: 604-809-6890
aobrien@puregoldmining.ca
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
All statements in this press release, other than statements of
historical fact, are "forward-looking information" with respect to
the Company within the meaning of applicable securities laws,
including, but not limited to statements relating to the timing of
a potential updated Pre-Feasibility Study Technical Report and
updated Life-of-mine Plan or similar study. Forward-looking
information is often, but not always, identified by the use of
words such as "seek", "anticipate", "plan", "continue", "planned",
"expect", "project", "predict", "potential", "targeting",
"intends", "believe", "potential", and similar expressions, or
describes a "goal", or variation of such words and phrases or state
that certain actions, events or results "may", "should", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining governmental
approvals and financing on time, obtaining renewals for existing
licences and permits and obtaining required licences and permits,
labour stability, stability in market conditions, availability of
equipment, accuracy of any mineral resources, successful resolution
of disputes and anticipated costs and expenditures. Many
assumptions are based on factors and events that are not within the
control of the Company and there is no assurance they will prove to
be correct.
Such forward-looking information, involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to the CCAA
proceedings and the impact of the same on the Company's operations;
securing financing or undertaking a restructuring transaction and
the timing thereof; current economic conditions; future prices of
commodities; possible variations in grade or recovery rates; the
costs and timing of the development of new deposits; failure of
equipment or processes to operate as anticipated; the failure of
contracted parties to perform; the timing and success of
exploration and development activities generally; delays in
permitting; possible claims against the Company; the timing of
future economic studies; labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals,
financing or in the completion of exploration as well as those
factors discussed in the Annual Information Form of the Company
dated March 30, 2022 in the section entitled "Risk Factors", under
the Company's SEDAR profile at www.sedar.com .
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. The Company disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
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END
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