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Pure Gold Mining Inc.
Summary
| Project: | Madsen | |
|---|---|---|
| Deposit: | Madsen | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 2/11/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 11-2-2019: Pure Gold Mining Inc. announces a Feasibility Study report for its Madsen deposit at the Madsen project. Feasibility Study results incl. post-tax NPV of US $247M (5%), IRR of 36%, Initial ore reserve. VANCOUVER, British Columbia, Feb. 11, 2019 | |
| Resources: | (Reserve, Prob.): 3.512Mt @ 9.0g/t Au for 1.013Moz Au contained | |
| CP/QP: | [Overall Report]: Michael Makarenko (JDS Energy & Mining Inc.) | |
| ABSTRACT: | VANCOUVER, British Columbia, Feb. 11, 2019 -- Pure Gold Mining Inc. (PGM – TSX-V) (“Pure Gold” or the “Company”) is pleased to announce results of an independent Feasibility Study (“FS”) on its 100%-owned Madsen Gold Project (“Madsen”) in the Red Lake mining district of Ontario, Canada. The Feasibility Study outlines a robust 12-year high grade, 800 tonne per day underground mining operation with low initial capital cost and strong financial performance. “The Madsen-Red Lake orebody is an exceptional foundation on which to build a gold mining company. With access to existing infrastructure, a high grade reserve, and exceptional growth potential, Madsen is one of the outstanding gold deposits in Canada,” stated Darin Labrenz, President and CEO of Pure Gold. “The completed study outlines a long life high margin mine, with low initial capital requirements and a fast timeline to production. In addition, specific exploration targets and satellite resources not considered in the feasibility study suggest an opportunity for near-term growth to potentially further enhance the economics of the project. 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 become Canada’s next gold mine.” | |
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