Pure Gold - CEO, Darin Labrenz
CEO, Darin Labrenz
Source: Mining Investment
Market Herald logo


Be the first with the news that moves the market
  • Pure Gold Mining (TSXV:PGM) has updated the market on construction activity at it’s Red Lake Mine
  • The company maintains COVID-19 will not delay start date
  • Gold pouring is months away from beginning
  • Construction at the processing plant and underground mine are completing on schedule
  • Pure Gold Mining (PGM) is down 1.5 per cent at C$0.63 per share, with a market cap of $222 million

Pure Gold Mining (TSXV:PGM) has released an update on its Red Lake mine’s construction schedule, and is adamant the mine will finish on schedule.

The company has admitted that the government-ordered shutdowns due to COVID-19 has presented significant problems, but that the company is confident it can overcome them.

The company has already completed the majority of the infrastructure on site.

Roads, earthworks and the erection of major buildings on site to facilitate mining operations have been completed.

The last round of construction is the installation of new processing equipment in the grinding circuit, gravity circuit and gold room.

Pure Gold reiterated that the mine was within months of pouring.

Pure Gold CEO, Darin Labrenz, said the outbreak of COVID-19 has changed the way the company operates.

“We are closely monitoring the rapidly changing COVID-19 pandemic situation and will adjust plans and schedules as necessary based on the safety guidelines outlined by the Provincial and Federal governments as well as the Public Health Agency.

“In August 2019 we announced a $US90 million project finance package and construction decision for the Pure Gold Red Lake Mine., based on our robust 2019 feasibility study, completed when gold traded at US$1275 per ounce,” he said.

Pure Gold insists the mine is fully funded to production, and it will start on schedule.

Pure Gold (PGM) is up 1.5 per cent to $0.63 per share at 11:43 am EST.

More From The Market Herald

" Grizzly (TSXV:GZD) to advance 2022 drilling for BC precious & battery metals projects

Grizzly Discoveries (GZD) is reviewing proposals for core drilling during the 2022 exploration season.

" ArcPacific (TSXV:ACP) locates lost gold-copper mine on LMSL Project

ArcPacific Resources Corp. (ACP) has discovered an early 1900s era gold-copper mine at its LMSL Project in British Columbia.

" CanAlaska Uranium (TSXV:CVV) begins airborne survey at Geikie Project

CanAlaska Uranium (CVV) has begun a high-resolution helicopter-borne aeromagnetics and radiometrics survey on its Geikie project.

" Osisko Development (TSXV:ODV) releases San Antonio Property mineral resource estimate

Osisko Development Corp. (ODV) has released an initial open pit resource estimate at its San Antonio Project in Sonora State, Mexico.