Premier signs Memorandum of Understanding with Ginoogaming First Nationadmin
Premier Gold Mines Limited, a well-financed mineral exploration and development company based in Canada, with mineral interests and deposits in Northwestern Ontario and a joint venture in Mexico announce that the Company has signed a Memorandum of Understanding (MOU) with Ginoogaming First Nation. This agreement establishes a commitment by both parties for a mutually beneficial, co-operative, productive and positive working relationship with respect to exploration activities within Ginoogaming’s traditional lands and the potential development of Premier’s Hardrock Project.
Located near Longlac, Ontario, approximately 40 kilometres east of the Hardrock Project, Ginoogaming First Nation has been actively working with Premier to create a positive relationship and to identify potential opportunities that will benefit both Premier and the local people of Ginoogaming. “We want to work together towards greater certainty and sustainable mining developments that will contribute significantly to the economic, social and environmental well-being of our First Nation” explained Chief Celia Echum. “Premier is excited to have reached this initial milestone as we strive to develop gold resources in the area” stated Ewan Downie, President of Premier. “Potential mine development would lead to many benefits for all local communities.”
Subsequent to entering into this MOU and on development of a feasibility report, a timetable will be set to commence negotiation of an Impact and Benefits Agreement (IBA). Provisions of the IBA will address training, employment, business, investing and related opportunities for Ginoogaming First Nation and their members. “The resource sector will be making a strong comeback in the very near future,” said Adolph Rasevych, Economic Development Officer for Ginoogaming. “In keeping with the principles of the new relationship, this agreement offers us the opportunity to help the band build its knowledge and experience related to mining activities within our traditional territory.”
The Hardrock Project is operated under a joint venture with Roxmark Mines Limited with Premier holding a 70% interest. Recently, the Company’s have released significant drilling results from both open pit and underground target zones. Highlights include 6.60g/t Au across 32.6m from the SP Zone (underground) target, and intersections of 2.37g/t Au across 62.7m and 19.03g/t Au across 11.3m from the EP (open pit) target. This drilling, which will continue throughout 2009 with multiple drills, will result in a NI43-101 resource estimate by year-end.