Argonaut Gold Announces Major Milestone of Magino Closure Plan Filing

Argonaut Gold Inc. has announced that the province of Ontario has filed the Closure Plan for the Magino project.  Argonaut explains, “Site preparation, such as tree removal and clearing, is expecting to commence imminently, with construction scheduled to begin as soon as site preparation is complete.”  Construction should take two years, with first gold production at Magino during the first half of 2023.

Pete Dougherty, President and CEO stated: “The filing of the Closure Plan is a significant milestone and allows us to begin site preparation activities for construction of the Magino mine and processing facility.  Magino is truly a valuable and strategic asset given existing infrastructure, the already-known mineral endowment of the ore body 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.  By moving Magino forward, we are executing on our vision to transform Argonaut from a junior, relatively high-cost producer with short mine lives to an intermediate, lower-cost producer with long mine lives.”

Kyle Stanfield, Director of Environment and Community Relations commented: “We are humbled by the tremendous community support that has enabled this important project milestone to pass.  We will continue to coordinate closely with our Indigenous and Municipal partners as we develop this investment into a world class mining operation.”

The Magino Feasibility Study demonstrated that the Magino project is a strategic, scalable, long-life asset in the attractive mining jurisdiction of Ontario, Canada.  Highlights from the Magino Feasibility Study include:

• A 10,000 tonne per day processing facility;
• Average annual gold production of 150,000 ounces over the first five years;
• A 17-year mine life;
• Cash cost of US$669 per gold ounce sold*; and
• All-in sustaining cost of US$711 per gold ounce sold*.

For further information on the Magino project, please see the report as listed below on the Company’s website