Greenstone Gold Mines History

On March 9, 2015 Centerra Gold and Premier Gold Mines Limited formed a 50/50 partnership for the joint ownership and development of the Greenstone Gold Property (formerly known as the Trans-Canada Property) including the Hardrock Gold Project located in the Geraldton-Beardmore Greenstone Belt in Ontario, Canada

Centerra made an initial cash contribution to the partnership in the amount of C$85 million for its 50% limited partner interest. Centerra and Premier have formed a joint board of directors to oversee future exploration, development and operations by the partnership of the Greenstone Gold Property.

Centerra has committed to invest C$185 million to advance the project, of which half or C$92.5 million is on behalf of Premier. A portion of this funding will first be used to complete a mineral resource update and the feasibility study. The remainder of the funds will be used towards the construction and development of the Hardrock Project, subject to the satisfaction of certain feasibility and project advancement criteria. After Centerra has contributed its C$92.5 million (for a total investment of C$185 million), further funding of the project is on a 50/50 basis.

Additional exploration and infill drilling was completed in 2015, resulting in an updated resource estimate and Centerra contributed to the partnership an additional C$11 million in 2015.

On December 22, 2016, Centerra and Premier Gold filed on SEDAR a NI 43-101 technical report for the Hardrock Project which describes in detail the life-of-mine plan (LOM), which is based only on open-pit mineral reserves at the Hardrock Project as at August 11, 2016. The technical report is dated December 21, 2016 with an effective date of October 1, 2016.

In June 2018, the Greenstone Partnership signed a Definitive Agreement with Long Lake #58 First Nation that outlines provisions for environmental monitoring, employment, training, business and contracting opportunities, along with a framework for regulatory permitting that extend not only to the Hardrock open pit, but to all properties within the Greenstone Partnership’s regional portfolio that lie within the traditional territory of Long Lake #58 First Nation.

On December 13, 2018, the Federal Government of Canada approved the Hardrock Project Environmental Assessment. The Ontario Provincial Ministry EA Review Report was issued for public comment on October 22, 2018 and approval is anticipated in the first quarter of 2019.

PDF icon December 2016 Technical Report – Greenstone-Hardrock Deposit