Magino continues to move forward

Argonaut Gold has finished their Schedule 2 amendment of the Metal and Diamond Mining Effluent Regulations which is a key project authorization by the Canadian federal government for the Magino project.  This is a significant permitting milestone for the Magino project, completed after extensive consultations with Indigenous communities and the public.

Pete Dougherty, President & CEO stated: “Magino is truly a valuable and strategic asset given existing project infrastructure, the already-known mineral endowment of the orebody and the existing exploration potential, its location within the mining-friendly jurisdiction of Ontario, Canada and its proximity to other strong cash flowing operations such as the Island Gold mine.  From a permitting perspective, the completion of the Schedule 2 process significantly de-risks the Magino project and makes it much more attractive to potential joint-venture partners and project financing lenders.  We thank the local communities for their continued support for the project.  Argonaut believes that the Magino project can be an important local employer in Northern Ontario.”

 

Argonaut anticipates having project approvals and development financing options organized to enable the Company to make a decision on the advancement of the Magino project during the second half of 2020.

Pete Dougherty explained: “Our feasibility study parameters outline strong economics at $1,250 gold and a 0.78 Canadian dollar to US dollar exchange rate and extremely robust economics at current spot gold prices and exchange rates.” He concludes by saying, “In addition, we are excited by the ongoing deep drilling exploration program, where we are consistently hitting high-grade intercepts, which are not included in our current mineral reserve or mineral resource estimates.”