Artemis closes $127 million financing for Blackwater gold venture

Utilizing a conservative gold value of S$1,400/oz., Blackwater has confirmed and possible reserves of 334.3 million tonnes grading 0.75 g/t gold (8.0 million oz. gold) and 5.8 g/t silver (62.2 million oz. silver. Utilizing a $2,000/oz. gold value, further measured and indicated sources are 156 million tonnes grading 0.61 g/t gold and 11.7 million g/t silver.

Gold manufacturing shall be about 320,000 oz./12 months in every of the primary 5 years, rising to 440,000 oz. in years 11 to 17.

Artemis is planning a 22-year mine life with open pit strategies and utilizing gravity and standard cyanidation strategies for gold restoration. Life-of-mine capital prices are estimated at C$2.25 billion, starting with C$645.2 million to be spent earlier than manufacturing begins.

Along with the purchased deal providing talked about earlier, sure administration, insiders and shareholders, bought, pursuant to a separate non-brokered providing, about 19.8 million widespread shares for extra gross proceeds of C$89 million.

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