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Argonaut Gold gives Magino Construction Update

Magino Construction Update

Site preparation and early site earthworks are well underway, and the Magino construction project continues to advance on schedule.

Recent milestones include:

  • Logging completed and commenced scaling of hardwood and hauling of softwood to local mills for processing and making firewood available to local dealers;
  • Initiated red spruce seedling grow program with Lakehead University Greenhouse;
  • Fish capture and relocation program initiated with biologists in preparation for construction water treat system commissioning;
  • Obtained draft Permit to Take Water in support of spring construction works;
  • Plant site stripping/excavation is 90% complete;
  • Prep for plant footprint underway – includes drilling and blasting;
  • Pre-production reverse circulation (RC) grade control drilling commenced;
  • Main haul road to the open pit is established;
  • Open pit overburden stripping is ongoing with production drilling commencing;
  • Crushing plant mobilized in a temporary set-up;
  • Screening plant mobilized;
  • Main office hub in Dubreuilville, Ontario is online and operational;
  • Completion of 144-person onsite camp modules 1 and 2, including a large kitchen;
  • Installed hydrophones at Goudreau Lake; and
  • Installed 12 metre communications tower, server and repeater.

Upcoming milestones:

  • Commencing plant site pad blasting and continuing pad development;
  • Commencing open pit production drilling and blasting;
  • Continuing onsite haul road construction to tailing management facility (TMF) from open pit mine area;
  • Completion of modules for the onsite 144-person camp and commence pad construction for the 458-person camp at the old mill site in Dubreuilville, Ontario;
  • Testing and taking I.T. and communications servers and towers online;
  • Ongoing RC grade control drilling program;
  • Ordering of concrete aggregate; and
  • Ausenco leadership team mobilizing on-site.

It is anticipated that the pace of capital spend will increase late second quarter 2021 or early third quarter 2021 as the following activities take place:

  • Mining commences in support of construction and pre-stripping;
  • Process plant construction commences; and
  • TMF construction commences.

 

An overview of the Magino construction project timeline through 2023.

 

The Magino construction project is tracking on schedule.  Argonaut is currently reviewing all inputs including potential cost inflation, impacts of foreign currency exchange rates and changes in scope related to the initial capital estimate.  While this review is ongoing, based on the best available information to date, the Company believes the initial capital remains within 15% of the previous guided estimate of between C$480 million and C$510 million.

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