Pure Gold to invest $90M in mine

Photo: Pure Gold

Pure Gold Mining has announced it secured about US$90 million for its Madsen Red Lake mine project in Canada.


Under the plan, the funds will be allocated to the company under a credit facility of US$65 million, and a US$25 million callable gold stream, Pure Gold Mining said in a statement.


"The Madsen Gold Project Feasibility Study outlines a high-grade under-ground mining operation with a production rate of 800 tonne per day … at modest initial capital cost and returning strong financial performance1," according to the Canadian miner.