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First Mining Finance releases PEA for Springpole project

First Mining Finance Corp. has released a preliminary economic assessment for its Springpole Gold Project 110 kilometres northeast of Red Lake in northwestern Ontario.

The PEA, prepared by SRK Consulting, estimates a 12-year life of mine operation supporting a 36,000 tonne-per-day process plant, an initial capital expenditure of $586 million and sustaining capital expenditures of $117 million for total estimated capex of $703 million.

The open pit operation is projected to produce 296,500 oz Au and 1,632,000 oz Ag at all-in sustaining costs of $806 per ounce of gold equivalent.

“Once in production as contemplated by the PEA, Springpole would be one of the largest gold mines in North America,” said First Mining chairman Keith Neumeyer.

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