VANCOUVER — Pure Gold Mining Inc. has announced a decision to move on construction of the Madsen Red Lake Mine located 200 kilometres north of Dryden in northern Ontario.
The decision, unveiled in an Aug. 7 release, came after US$90 million in project financing was secured and a recent project agreement signed with Wabauskang First Nation and Lac Seul First Nation.
Pure Gold will immediately start development activities with the goal of its first gold pour by the end of 2020.
The financing will also permit exploration drilling to continue through the rest of the year.
Initial plans for detailed engineering and procurement are being formalized, and a hiring strategy has been initiated to facilitate the short project implementation schedule, Pure Gold said.
Endeavour Financial is acting as financial advisor to the company and Blake, Cassels & Graydon LLP has acted as legal counsel.