The future continues to look bright for the mining industry in Northwestern Ontario.
Pure Gold Mining has announced its moving forward with construction of the Madsen Red Lake Mine in Red Lake.
President and Chief Executive Officer Darin Labrenz says they have finalized a $90-million (U.S.) project financing package and are now on the cusp of production.
Labrenz says the next step is starting the detailed engineering work and nailing down the project schedule and costs.
He says some of the underground and surface infrastructure work will start later in the year.
Labrenz says if all goes as planned, the first gold pour at the mine could happen in late 2020.
He stresses peak employment will be about 430 individuals, with the employment of an average of 340 workers over a robust 12-year mine life and a projected $467-million in direct salaries.
Labrenz adds they plan a direct capital investment of $327 million over the life of the mine, noting the economic benefits of the new mine will have a huge regional impact.
He states “Red Lake, Ontario has got a long history of mining and support for the mining industry. Great infrastructure, access to skilled people and obviously power and all of the other necessary elements to operate a mining operation.”
Pure Gold has signed a project agreement with Wabauskang First Nation and Lac Seul First Nation.
Labrenz says he’s excited to grow their partnership and build a mine together and he looks forwards to a long and prosperous future.
To hear more about the project, visit the Audio link below:
