Having lopped off more than half of its debt last year and with over $100 million in the bank, Premier Gold Mines (TSX: PG) is primed and ready for a big year in 2018, president and CEO Ewan Downie says.
“We paid off US$25 million of debt in the fourth quarter, so we’re making our balance sheet a lot cleaner and we’re easily able to fund our exploration development plans,” Downie says in an interview from Thunder Bay. “We’re in good shape and we’re funding all of our programs from internal cash flow that we’ve generated over the last 16 months of being a producer.”
Premier has approved a budget for exploration and development this year of US$38.8 million on several of its projects (tens of millions more dollars will be spent on other Premier properties by its joint venture partners).
A good part of the funds it is forking out itself will be put into the ground in Nevada, where the company has joint ventures with Barrick Gold (TSX: ABX; NYSE: ABX), in addition to its wholly owned Cove project and an option to earn into another property called Goldbanks, under an agreement with Kinross Gold (TSX: K; NYSE: KGC).
“It’s going to be a big year in Nevada,” Downie tells The Northern Miner, adding that “we’ve positioned Premier perfectly for growth.”
Continue reading at The Northern Miner.