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Canadian miner eyes $72M investment in gold project
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.”