International news within the industry of mining and metal, Mar, 24 2019
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Canadian miner eyes $72M investment in gold project

Photo: Pure Gold
Photo: Pure Gold
Published by
Jaroslaw Adamowski - 13 Feb 2019

To develop gold project Canada’s Pure Gold has unveiled the re-sults of its feasibility study for the construction of a gold mine in the Red Lake mining district of Canada’s Ontario.

 

Under the Madsen gold project, Pure Gold aims to develop a 800 tonne per day underground mining operation which is expected to generate a peak annual production of 125,000 oz, the company said in a statement. The project requires an initial investment of C$95 mil-lion (US$72 million).

 

“The completed study outlines a long life high margin mine, with low initial capital requirements and a fast timeline to production,” said Da-rin Labrenz, the president and chief executive of Pure Gold. “With the completion of the feasibility study being one of the last de-risking steps, we look forward to rapidly advancing Madsen-Red Lake to be-come Canada’s next gold mine.”