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Rupert Resources reports 'robust' PEA results for its gold project in Finland with NPV of $1.6B

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(Kitco News) - Rupert Resources (TSX-V: RUP) today announced results from its preliminary economic assessment (PEA) for the company's 100% owned Rupert Lapland project, including its flagship Ikkari gold discovery and Pahtavaara mine and mill located in Northern Finland.

The company said that the PEA delivers robust returns and fast-track to payback, with after-tax NPV (5% discount) of $1.6 billion with unlevered IRR of 46% and payback after only two years, assuming a gold price of $1,650 per troy ounce.

According to a press release, a 22-year life of mine includes recovered gold of 4.25 million ounces with average annual production of 200,000 ounces. Open pit operation is expected to support average annual production of 220,000 ounces in years one to 11.

Importantly, Rupert Resources noted that the project has high margin production profile, with expected lowest quartile all-in sustaining cost of $759/oz over life of mine, and $596/oz during open-pit operation.

CEO James Withall commented, "This PEA study indicates exceptionally high-margin and meaningful returns on a robust project. The results are a testament to both the quality of the asset and our technical team. In only three years, we've gone from discovery hole to a preliminary study outlining an after-tax NPV of $1.6 billion, anchored by Ikkari.

"What excites us is that we still have room to grow at Ikkari and other satellite targets that we will be drill testing this winter. We have a real opportunity to not only advance Ikkari as outlined in our PEA, but systematically develop a cornerstone asset in a significant new gold camp over time."

Rupert Resources is a gold exploration and development company. The company's principal focus is Ikkari, a new high quality gold discovery in Northern Finland. Ikkari is part of the company's "Rupert Lapland Project," which also includes the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt of Northern Finland.

The company also holds a 100% interest in the Surf Inlet property in British Columbia, a 100% interest in properties in Central Finland and a 20% carried participating interest in the Gold Centre property located adjacent to the Red Lake mine in Ontario.

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