Greenstone Gold Delivers Update on Hardrock Project
Friday August 25, 2017 – Greenstone Gold Mines GP Inc. (GGM), a joint venture partnership between Centerra Gold Inc. and Premier Gold Mines Ltd., is planning the development, construction, and operation, of an open pit gold mine and mill known as the Hardrock Project located in Geraldton. General Manager Eric Lamontagne and members of his management team delivered an update last evening to a group of over 100 people at the Victoria Inn regarding the world class gold deposit. The event was hosted by the Thunder Bay Community Economic Development Commission (CEDC).
GGM discussed plans and timelines for building the mine, the mine’s local and regional economic impact, and addressed environmental concerns as outlined in the environmental assessment. According to the feasibility study, the Hardrock Mine would employ up to 500 people at peak workforce. Gold production is expected to average 320,000 ounces annually for the first five years of the mine’s estimated 14.5 year life. Capital cost of the mine’s construction will be $1.25 billion. Project spending will benefit the local economy by approximately $500 million, with an estimated additional spend of $1.9 billion regionally. The project will indirectly create $242 million in revenues for the Ontario government through payroll taxes and consumption, in addition to direct mine levies and taxes, over the life of the mine.
Currently, a de-risking workplan is in progress and GGM is awaiting approval of the environmental assessment from Canada and Ontario. GGM has been actively consulting with 14 potentially impacted Indigenous communities, and negotiations with several of them are underway on Long Term Relationship Agreements. Construction of the Hardrock Mine is currently anticipated to begin in 2019 with the potential for production to begin in late 2020.
Contact: John Mason, Project Manager – Mining Services, Thunder Bay CEDC
Mobile : (807)620-3836
About CEDC: The CEDC is responsible for business development, retention and expansion, entrepreneurial support, opportunity promotion, and the collection and assessment of key business data. The CEDC receives formal proposals for projects that will contribute to economic development. It responds quickly to new opportunities and initiatives to attract direct financial involvement from the government and private sectors. For more information, visit www.ThunderBayCEDC.ca.