Pure Gold Reports First Quarter Financial Results

VANCOUVER, British Columbia, May 13, 2020 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR) (“Pure Gold” or the “Company”) is pleased to announce that its unaudited condensed interim consolidated financial statements (“Financial Statements”) for the first quarter ended March 31, 2020 and the accompanying Management’s Discussion and Analysis are available for download on the Company’s website at www.puregoldmining.ca at under the Company’s SEDAR profile at www.sedar.com.

Financial and Operating Highlights for the quarter and to date:

During the three months ended March 31, 2020, the Company advanced construction and underground development activities at its 100%-owned Pure Gold Red Lake Mine Project (“RL Mine Project” or the “Project”). A summary of the highlights for the three months ended March 31, 2020 and to date are as follows:

• Significantly advanced the RL Mine Project

In addition to support from a number of experienced local contractors, including First Nations partners, the Company is successfully advancing the recruitment process with approximately 60 hires completed for the site operations team, including management, technical staff, supervisors and operators, as well as placements in safety, environmental, and administration services.

Significant earthworks, road and utilities infrastructure upgrades, and equipment installation is currently underway on surface at the site.  Detailed engineering in the process plant is 95% complete, and the company has placed purchase orders for long-lead items for 80% of packages, based on value.   Underground development is proceeding ahead of schedule. As part of the test mining program, pre-production underground ramp development was initiated on December 12, 2019 and is progressing at an accelerated pace.

Engineering and Procurement activities continue at the Project, with only minor delays encountered to date while engineers and vendors transitioned to working remotely because of Covid-19. Operation at the site have been adapted to minimize the risk of virus transmission through new screening, sanitary, hygiene, and physical distancing procedures. Currently, the Project remains on track to deliver ore to the mill by the end of 2020.

• Ms. Maryse Bélanger joins the Board of Directors.

In February 2020, Ms. Maryse Bélanger joined the Board of Directors.  Ms. Bélanger brings over 30 years of experience with senior gold companies and strengths in operational excellence and efficiency, technical studies and services to the Board. She has provided oversight and project management support through some of the mining industry's key strategic acquisitions.