Troilus Gold Corp. reports that it has filed the technical report supporting the Preliminary Economic Assessment (“PEA”) for the Company’s 100%-owned Troilus Gold Project, located within the Frôtet-Evans Greenstone Belt of northern Quebec (the “Technical Report”). The Technical Report, titled “Preliminary Economic Assessment of the Troilus Gold Project, Quebec, Canada” dated October 14, 2020 (the mineral resource has an effective date of July 20, 2020 and the PEA has an effective date of August 31, 2020) was prepared by Gordon Zurowski, P. Eng. Principal Mining Engineer, AGP Mining Consultants Inc. (“AGP”), Paul Daigle, P. Geo, Senior Associate Geologist, AGP and Mr. Andy Holloway, P. Eng. Principal Processing Engineer, AGP.
The positive PEA, announced August 31, 2020, demonstrates the potential for Troilus to rank among the top gold producing assets in Canada.
Troilus Gold Project PEA Highlights (all results are reported in U.S. Dollars*):
*Assuming a US$:C$ exchange of $0.74. All figures reported in US$ unless stated otherwise
The Technical Report can be found on the Company’s website at www.troilusgold.com and under the Company’s profile on SEDAR at www.sedar.com.
Qualified Person
Mr. Gordon Zurowski, P. Eng. Principal Mining Engineer, AGP Consultants, who is an independent Qualified Person as defined under NI 43-101, has reviewed and approved the technical information pertaining to the PEA disclosed in this press release.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this news release, such as Initial Capital Cost, Cash Operating Costs ,Total Cash Cost, All-In Sustaining Cost, Expansion Capital and Capital Intensity, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.
Total Cash Costs and Total Cash Costs per Ounce
Total Cash Costs are reflective of the cost of production. Total Cash Costs reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Costs per Ounce is calculated as Total Cash Costs divided by payable gold ounces.
All-in Sustaining Costs (“AISC”) and AISC per Ounce
AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEAS includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.
About Troilus Gold Corp.
Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. The 107,326 hectare Troilus property is located within the Frotêt-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the Troilus project as an open pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.
For more information:
Paul Pint
President
+1 (416) 602-1050
paul.pint@troilusgold.com