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Friday, March 24, 2017 4:40:35 PM
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Premier Gold Mines Reports 2016 Fourth Quarter and Full-Year Results
Solid first year of production sees year-end cash & cash equivalent
balance of USD$89.2 million (CAD$119.7 million)
March 24th, 2017
![](http://www.premiergoldmines.com/_themes/design2015/img/logo.png?v=1441384486)
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PREMIER GOLD MINES LIMITED (TSX: PG) (“Premier”,
“the Company”) is pleased to announce its operational and financial
results for the three months and year-ended December 31, 2016.
The Company previously released its production results for the fourth
quarter and full year in its news release dated January 12, 2017.
This press release should be read in conjunction with the Company’s
Consolidated Financial Statements and related Management’s Discussion
and Analysis of Financial Condition and Results of Operations (“MD&A”)
for the year ended December 31, 2016, which are available on SEDAR
(www.sedar.com).
All dollar amounts included in this press release are expressed in
Canadian dollars, unless otherwise noted, and are based on the
Company’s MD&A and Consolidated Financial Statements, which were
prepared in accordance with International Financial Reporting
Standards.
2016 Fourth Quarter Highlights
Consolidated production of 81,511 ounces of gold and 98,401 ounces of silver(i)
Consolidated Gold revenue of USD$102.0 million (CAD$135.1 million) on
sales of 82,188 ounces at an average realized price of USD$1,241
(CAD$1,644) per ounce
Consolidated co-product cash costs(ii) of USD$306 per ounce of gold
sold
Consolidated co-product all-in sustaining costs(ii) of USD$356 per
ounce of gold sold
Net income for the quarter of USD$20.4 million (CAD$27.0 million)
Cash flow from operating activities of USD$73.0 million (CAD$96.7 million)
Final gold production lower by 279 ounces and silver higher by 410
ounces than previously released on January 12, 2017 due to final year
end reconciliation
See “Non-IFRS Measures”.
A cautionary note and further information regarding Non-IFRS metrics
is included in the “Non-IFRS Measures” section of the MD&A
2016 Full Year Highlights
Consolidated production 111,739 ounces of gold and 98,401 ounces of silver(i)
Consolidated gold revenue of USD$112.5 million (CAD$149.0 million) on
sales of 90,263 ounces at an average realized price of USD$1,246 (CAD$1,651) per ounce
Consolidated co-product cash costs(ii) of USD$310 per ounce of gold,
below 2016 guidance of USD$451 per ounce
Consolidated co-product all-in sustaining costs(ii) of USD$370 per
ounce of gold, below 2016 guidance of USD$489 per ounce
Year-end cash balance of USD$89.2 million (CAD$119.7 million)
Year-end inventory of 23,386 ounces of gold and 40,492 ounces of
silver
Cash flow from operating activities of USD$43.7 million (CAD$57.9 million)
EBITDA USD$58.2 million (CAD$77.1 million), or USD$.31 per share
(CAD$.41 per share)(ii)
Net loss USD($549,099), CAD($727,447)
Final gold production lower by 279 ounces and silver higher by 410
ounces than previously released on January 12, 2017 due to final year
end reconciliation
See “Non-IFRS Measures”. A cautionary note and further information
regarding Non-IFRS metrics is included in the “Non-IFRS Measures”
section of the MD&A
https://www.premiergoldmines.com/news/press-releases/premier-gold-mines-reports-2016-fourth-quarter-and-full-year-results-solid-first-year-of-production-sees-year-end-cash-and-cash-equivalent-balance-of-usdusd89-2-million-cadusd119-7-million
In GOD We Trust -
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
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