Issue link: http://resourceworld.uberflip.com/i/685011
40 www.resourceworld.com J U N E / J U L Y 2 0 1 6 technical report estimates combined underground (high-grade veins and bulk stoping) and open pit mining have an inferred resource totalling 10.3 million tonnes with grade of 3.9 g/t Au, containing 1.3 million ounces of gold. Gold mineralization occurs in veins crosscutting banded iron formation. First Mining's first acquisition, Coastal Gold, brought in the Hope Brook gold project, located on the south coast of the Island of Newfoundland about 800 km west of St. John's. Between 1987 and 1997, the Hope Brook Mine produced 752,163 oz gold. The Hope Brook Project hosts an indicated resource of 5.5 million tonnes grading 4.77 g/t gold containing 844,000 oz gold; and an inferred resource of 836,000 tonnes grading 4.11 g/t gold contain- ing 110,000 oz gold. This resource estimate is based on about 1.5 km of an 8 km mineralized structure located on a 100%-owned land package covering 26,400 hectares. The latest acquisition of Clifton Star provides First Mining with two core projects in the Abitibi Belt (Duparquet and Duquesne gold projects) and four earlier stage projects, also in Québec. In addition the acquisition from Brionor Resources Inc., of the Pitt gold project is adjacent and complementary to the Duparquet and Duquesne projects. Donnelly said that First Mining Finance puts a great deal of due diligence when assessing potential companies and their properties. He remarked that the current bear market provides historically lowest valuations for assets in 20-30 years, so there are "incredible opportunities out there." Eventually the company plans to sell its mineral assets or enter into deals such as joint ventures, holding onto residual interests of future production. Although First Mining Finance already has joint ventures for some non-core assets in Mexico, company management is of the view that now is a good time to buy and hold, with deals and development of the properties expected later. Just before press time, First Mining signed a deal to acquire private explorer Tamaka Gold Corp. which owns the past-produc- ing Goldlund gold project in northwest Ontario. n Eldorado is a leading low cost gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania and Brazil. TSX: ELD | NYSE: EGO eldoradogold.com The Company's success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and responsible operations, and long-term partnerships with the communities where it operates.