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Artemis Gold Awards GMP (Guaranteed Maximum Price) on Blackwater Electricity Transmission Line
All amounts are stated in Canadian Dollars unless otherwise noted VANCOUVER, BC, Aug. 18, 2021 /CNW/ - Artemis Gold Inc. (TSXV: ARTG) ("Artemis" or the "Company
About this update from Artemis Gold Inc
[{"type":"text","content":" All amounts are stated in Canadian Dollars unless otherwise noted VANCOUVER, BC, Aug. 18, 2021 /CNW/ - Artemis Gold Inc. (TSXV: ARTG) (\"Artemis\" or the \"Company\") is pleased to announce that after a competitive bidding process, the Company has executed a binding memorandum of understanding (\"MOU\") with a consortium of Carisbrooke Consulting Inc., Westpark Electric Ltd. and 1319071 B.C. Ltd., the latter entity representing Nadleh Whuten, the Saik'uz First Nation and the Stellat'en First Nation, and all entities comprising the consortium collectively referred to as \"Preferred GMP Proponent\". The MOU provides a guaranteed maximum price (\"GMP\") for a fixed-price Engineering, Procurement and Construction (\"EPC\") contract to construct a 135 kilometer long 230kV electricity transmission line and High Voltage (\"HV\") substation (the \"Power Facilities\") for the Company's Blackwater Gold Project (\"Blackwater\" or the \"Project\") in Central British Columbia. The selection of the Preferred GMP Proponent was based on a proposal to engineer and construct the Power Facilities for a GMP of up to $80 million (before duties or taxes), subject to technical or commercial changes requested by Artemis. The MOU outlines the terms under which the Preferred GMP Proponent will undertake further detailed engineering, which will form the basis of a final fixed price EPC contract. The GMP cost for the Power Facilities is consistent with the capital estimates in the Company's 2020 Pre-Feasibility Study technical report entitled \"Blackwater Gold Project British Columbia NI 43-101 Technical Report on Pre-Feasibility Study\" dated August 26, 2020 (\"2020 PFS\"). A final fixed price EPC contract on the Power Facilities is the second largest component of the capital cost of Blackwater at approximately 14% of the 2020 PFS estimate of initial development capital. Combined with the previously announced GMP for the process plant and associated facilities, Artemis has secured GMP MOU's for 53% of the total initial development capital for Blackwater as outlined in the 2020 PFS. Artemis' industry leading development strategy manages the capital and schedule risks associated with key capital cost components of the Blackwater development. Ultimately, Artemis is targeting approximately 6...