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Artemis Gold Announces Optimized Phase 1 Development of Blackwater Mine and US$40M Additional Funding; Updated Phase 1 Capex Now Fully Funded
Artemis Gold Announces Optimized Phase 1 Development of Blackwater Mine and US$40M Additional Fun...
About this update from Artemis Gold Inc
[{"type":"text","content":"\n \n \n \n Artemis Gold Announces Optimized Phase 1 Development of Blackwater Mine and US$40M Additional Funding; Updated Phase 1 Capex Now Fully Funded\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n TSXV: ARTG\n \n \n \n References to Canadian dollars are denoted as \"C$\" and references to US dollars as \"US$\"\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 15, 2023\n \n \n /CNW/ - Artemis Gold Inc. (TSXV: ARTG) (\"\n \n Artemis Gold\n \n \" or the \"\n \n Company\n \n \") announces that as a result of internal engineering analysis, it has committed to additional investments as part of its Phase 1 development of the Blackwater Mine (\"\n \n Blackwater\n \n \") in order to facilitate the potential fast-tracking of the Phase 2 expansion.\n \n \n \n \n \n \n \n \n \n In support of these additional investments, the Company has amended the gold stream agreement with Wheaton Precious Metals Corp. (\"Wheaton\") which will provide an additional\n \n US$40 million\n \n (\n \n C$54million\n \n ) in funding at a very low cost of capital.\n \n \n The additional investments during Phase 1 include additional structural steel and increased conveyor belt widths in the crushing circuits, as well as the introduction of variable-speed-drives to the ball mill. Electrical components have also been upgraded to facilitate the Phase 2 requirements and to include optionality in relation to the use of redundancy back-up power sources. Other optimizations include upsizing of the oxygen plant coupled with down-shaft-sparging of oxygen to the pre-leach and carbon-in-leach (\"\n \n CIL\n \n \") trains, along with the optimization of the CIL layout in order to facilitate non-intrusive expansion to Phase 2, as well as full conversion of the detoxification process to remove the need for tanker-supplied liquid sulphur dioxide.\n \n \n These investments in the Phase 1 initial capital are expected to allow the Company to further optimize throughput in the early years of operation. This...