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Artemis Gold Prices Final EPC Contract For The Process Plant With Sedgman At $318 Million
All figures presented in Canadian Dollars, unless specified otherwise VANCOUVER, BC, Sept. 8, 2022 /CNW/ - Artemis Gold Inc. – September 08, 2022 (TSXV: ARTG) (
About this update from Artemis Gold Inc
[{"type":"text","content":" All figures presented in Canadian Dollars, unless specified otherwise VANCOUVER, BC, Sept. 8, 2022 /CNW/ - Artemis Gold Inc. – September 08, 2022 (TSXV: ARTG) (\"Artemis\" or the \"Company\") is pleased to announce that, as planned, it has executed a final contract (the \"EPC Contract\") for the EPC scope of works for the engineering, procurement, construction and commissioning of the processing plant and associated infrastructure at the Company's Blackwater project (\"Blackwater\" or the \"Project\") with Sedgman Canada Limited (\"Sedgman\"), a CIMIC Group Company. The EPC Contract has been finalized at $318 million (the \"EPC Price\"), materially consistent with the previously announced EPC award outlined in the May 2, 2022 news release entitled \"Artemis Gold Awards Process Plant EPC to Sedgman for the Blackwater Gold Project\". The EPC Contract is supported by performance security including bank letters of credit which will underwrite the financial performance and obligations of Sedgman under the EPC Contract. The project schedule supporting the EPC Contract with Sedgman includes the following assumptions: Receipt of the BC Mines Act and related permits in the Fall of 2022; Construction mobilization and major works preparations commence in Q1 2023 with process plant bulk earthworks scheduled to be completed prior to the start of major works; Commissioning activities of the process facility to commence in H1 2024; First gold pour expected in Q3 2024. The EPC Contract terms provide for potential cost adjustments of certain components of construction representing approximately less than 15% of the EPC Price, including the potential for cost adjustments (positive + negative) from further definition of quantities, raw material costs and transportation/shipping costs. The cost adjustments are to be finalized prior to the start of major works construction. The EPC Contract supersedes the temporary interim service agreement announced on May 2, 2022. Artemis continues to evaluate the potential to award additional construction packages under an EPC agreement type structure to further enhance the risk management of the total capital expenditure for Blackwater. When combined with the EPC award for the Power Transmission Line announced on August 18, 2021, the percentage of the estimated total capex for Blackwater under EPC is...