Premier Gold Mines Limited (TSX: PG) (OTCPK: PIRGF) is pleased to announce that the previously announced transaction whereby Centerra Gold Inc. will sell its 50% interest in the Greenstone Gold Mines Partnership to an affiliate of Orion Mine Finance Group has been completed. Premier owns the other 50% interest of GGM.
Centerra received an up-front cash payment of approximately U.S.$210 million (including adjustments) and is entitled to receive further contingent payments of up to approximately U.S.$75 million (assuming a U.S.$1,500 gold price) upon GGM’s Hardrock Mine Project meeting certain construction and/or production milestones. Further details can be found in Premier’s December 15, 2020 news release.
GGM’s principal asset is the Hardrock Project located on the Trans-Canada Highway near Geraldton, Ontario, Canada and represents one of the most significant large-scale, permitted, mine development opportunities in North America.
All parties to the previously announced Hardrock Project legal actions and related counterclaims, as well as Premier and Centerra, have provided a mutual release and consent dismissal in respect of the action and the related counterclaims.
CIBC Capital Markets Inc. acted as financial advisor to Premier with respect to the transaction.
Premier is a gold producer and respected exploration and development company with a high-quality portfolio of precious metals projects in proven, accessible and safe mining jurisdictions in Canada, the United States and Mexico. On December 16, 2020, Equinox Gold Corp. (TSX:EQX, NYSE American:EQX) and Premier Gold Mines Limited announced that the companies have entered into a definitive agreement whereby Equinox Gold will acquire all of the outstanding shares of Premier. Concurrently, Premier will spin-out to its shareholders shares of a newly created US-focused gold production and development company to be called i-80 Gold Corp.
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We acknowledge the [financial] support of the Government of Canada.