VANCOUVER, BC, Aug. 10,
2023 /PRNewswire/ - First Mining Gold Corp.
("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF)
(FRANKFURT: FMG) reports its second quarter 2023 results for the
quarter ended June 30, 2023. The
financial statements and management's discussion and analysis
("MD&A") are available on First Mining's website at
www.firstmininggold.com/investors/reports-filings/financials/ and
have been posted under the Company's profile on SEDAR at
www.sedar.com and EDGAR at www.sec.gov.
"We are pleased to announce another successful quarter at First
Mining," stated Dan Wilton, CEO of
First Mining. "During Q2 2023, we were very active on the
exploration front at both around our Springpole Gold Project in the
Birch Uchi and at Duparquet, where
results have been encouraging. We continue to advance on
environmental and regulatory work at both of our flagship projects.
At the corporate level, we successfully held our AGM in June.
In addition, we raised $5M in
flow-through funding to be deployed at our Duparquet Gold
Project as part of our exploration strategy. Lastly, we're very
proud to have published our second annual ESG report where we
highlight First Mining's commitment, practice, performance in this
area, which is a critical part of our business."
Q2 2023 Highlights:
- At Springpole, continued collecting environmental baseline data
and advancing environmental assessment work, planning for
submission of a final EIS/EA in 2024.
- In the Birch Uchi, delivered results from the winter diamond
drilling program, including intersection of significant gold
mineralization at the Saddle (0.92 g/t Au over 114 metres) and
Horseshoe (0.54 g/t Au over 57 metres) targets.
- At Duparquet, commenced an
initial 5,000 metre exploration drilling program focusing on
advancing a number of newly developed exploration targets, as well
as growing the existing mineral resource and optimization
opportunities and as of June 30,
2023, the Company has completed three drill holes for 1,902
meters.
- At Duparquet, filed initial
management plan with Quebec Ministry of the Environment, the Fight
Against Climate Change, Wildlife and Parks for historic mine
by-product material
- Successfully held the Company's annual general meeting of
shareholders on June 14, 2023, and
announced that the Company's shareholders had voted in favour of
all matters.
- Completed a non-brokered private placement for aggregate gross
proceeds of $5,000,000 consisting of
18,518,519 flow-through units ("FT Units") at a price of
$0.27 per FT Unit. Each FT Unit is
comprised of one common share and one half of one common share
purchase warrant, issued on a flow-through basis, being exercisable
to acquire one additional common share of the Company at a price of
$0.27 for a period of 36 months
following the closing date of the offering.
- Published First Mining's second annual Environmental, Social
and Governance ("ESG") Report for the 2022 year ("ESG Report"). The
ESG Report provides a comprehensive overview of the Company's ESG
commitments, practices and performance.
- Completed the sale of the Company's mining claims in
Manitoba (the "Eagle Claims") to
Grid Metals Corp. for total consideration comprised of $300,000 in cash, 250,000 common shares of Grid
Metals, a future contingent payment of C$350,000 and a 2.0% NSR royalty on the Eagle
Claims.
About First Mining Gold Corp.
First Mining is a gold developer advancing two of the largest
gold projects in Canada, the
Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility
Study and permitting activities are on-going with a draft
Environmental Impact Statement ("EIS") for the project published in
June 2022, and the Duparquet, Pitt
Gold, Duquesne and Porcupine
East Gold Project in Quebec, a
collection of advanced-stage development assets located on the
Destor-Porcupine Fault Zone in the prolific Abitibi region. First
Mining also owns the Cameron Gold Project in Ontario and a portfolio of gold project
interests including the Pickle Crow Gold Project (being advanced in
partnership with Auteco Minerals Ltd.), the Hope Brook
Gold Project (being advanced in partnership with Big Ridge
Gold Corp.), and a large equity interest in Treasury Metals
Inc.
First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of
First Majestic Silver Corp.
ON BEHALF OF FIRST MINING GOLD CORP.
Daniel W. Wilton
Chief Executive Officer and Director
Cautionary Note Regarding Forward-Looking
Statements
This news release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian and United States
securities legislation including the United States Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date of this news release.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"plans", "projects", "intends", "estimates", "envisages",
"potential", "possible", "strategy", "goals", "opportunities",
"objectives", or variations thereof or stating that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions.
Forward-looking statements in this news release relate to
future events or future performance and reflect current estimates,
predictions, expectations or beliefs regarding future. All
forward-looking statements are based on First Mining's or its
consultants' current beliefs as well as various assumptions made by
them and information currently available to them. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements reflect
the beliefs, opinions and projections on the date the statements
are made and are based upon a number of assumptions and estimates
that, while considered reasonable by the respective parties, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Such factors
include, without limitation the Company's business, operations and
financial condition potentially being materially adversely affected
by the outbreak of epidemics, pandemics or other health crises,
such as COVID-19, and by reactions by government and private actors
to such outbreaks; risks to employee health and safety as a result
of the outbreak of epidemics, pandemics or other health crises,
such as COVID-19, that may result in a slowdown or temporary
suspension of operations at some or all of the Company's mineral
properties as well as its head office; fluctuations in the
spot and forward price of gold, silver, base metals or certain
other commodities; fluctuations in the currency markets (such as
the Canadian dollar versus the U.S. dollar); changes in national
and local government, legislation, taxation, controls, regulations
and political or economic developments; risks and hazards
associated with the business of mineral exploration, development
and mining (including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins and
flooding); the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities, indigenous populations and other
stakeholders; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development; title to properties.; and the
additional risks described in the Company's Annual Information Form
for the year ended December 31, 2022
filed with the Canadian securities regulatory authorities under the
Company's SEDAR profile at www.sedar.com, and in the Company's
Annual Report on Form 40-F filed with the SEC on EDGAR.
First Mining cautions that the foregoing list of factors that
may affect future results is not exhaustive. When relying on our
forward-looking statements to make decisions with respect to First
Mining, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
First Mining does not undertake to update any forward-looking
statement, whether written or oral, that may be made from time to
time by the Company or on our behalf, except as required by
law.
Cautionary Note to United States
Investors
The Company is a "foreign private issuer" as defined in Rule
3b-4 under the United States
Securities Exchange Act of 1934, as amended, and is eligible to
rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System,
and is therefore permitted to prepare the technical information
contained herein in accordance with the requirements of the
securities laws in effect in Canada, which differ from the requirements of
the securities laws currently in effect in the United States. Accordingly, information
concerning mineral deposits set forth herein may not be comparable
with information made public by companies that report in accordance
with U.S. standards.
Technical disclosure contained in this news release has not
been prepared in accordance with the requirements of United States securities laws and uses terms
that comply with reporting standards in Canada with certain estimates prepared in
accordance with NI 43-101.
NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
the issuer's material
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SOURCE First Mining Gold Corp.