Premier Gold Mines to Spin-off its Nevada Mine Properties

The proposed publicly listed company would comprise of its South Arturo and McCoy-Cove mine properties.

SEATTLE (Scrap Monster): Premier Gold Mines announced that it is currently considering options to reorganize its assets, in order to optimize the value of its portfolio. Accordingly, the company plans to spin-off its Nevada mine properties into a standalone U.S. company, the company press release said. The proposed publicly listed company would comprise of its South Arturo and McCoy-Cove mine properties. However, the company is yet to make a final decision.

Ewan Downie, President and CEO, Premier noted that the company is exploring the benefits of creating two companies that in turn would lead to better streamlining of property portfolios. The company will provide further updates as and when the Board approves the proposal, he said. It is assessing further acquisition opportunities through its U.S. subsidiary, Downie added.

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Meantime, the company reported operating and financial results for the three months ended June 30, 2020. The quarterly revenues totalled $14.8 million. The gold production during the quarter was 4,765 ounces, whereas that during the year-to-date period was 23,082 ounces. Premier Gold Mines reported quarterly and year-to-date gold sales of 9,382 ounces and 24,374 ounces respectively.

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