Listen to Darin Labrenz discuss prospects for Pure Gold Mining Inc
Darin Labrenz, CEO of PureGold Mining Inc provides an introduction to the company and an update on progress of construction activities at its PureGold Red Lake Mine, located in Red Lake, Ontario. Construction is advancing rapidly and is on schedule for first gold pour in Q4 2020.
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Pure Gold Mining Inc owns the Red Lake Mine Project which comprises in excess of 4,600 hectares of primarily patented mineral claims in the prolific Red Lake gold district of Northwestern Ontario and hosts two significant former gold producers including the RL Mine which had previous gold production of 2.5 million ozs. The PureGold Red Lake Mine is Canada's next gold mine. Fully funded, the project is on track to deliver near term gold production into a rising Canadian gold price environment, with first production scheduled for late 2020. The orebody is situated within a seven-kilometre-long gold system that is wide open for expansion at depth and along strike, and multiple discoveries by the Company suggest potential opportunities for near-term growth.
First production is expected towards the end of 2020 before increasing to 66koz in 2021 through to 125koz in 2025.
Over 30% of the share float is held by four gold visionaries that have distinguished themselves in founding and operating multi-billion dollar gold mining companies. Eric Sprott and Rob McEwen built multi-billion dollar companies Kirkland Lake Gold and Goldcorp, respectively, through the discovery of new, high-grade multi-million ounce deposits at the historical Fosterville, Macassa and Red Lake mines. Number one and number three gold producers Newmont Goldcorp and AngloGold Ashanti, are also key strategic shareholders.