Pure Gold Mining celebrates first gold bar
Stephen LawEconomy Industry Operations Production Resource Sector gold mining
Ore taken from new Western Ontario mine
Vancouver-based Pure Gold Mining Inc. says it has poured the first gold bar from ore mined at its PureGold Mine in Western Ontario. It says the first pour was accomplished on Tuesday, following the introduction of ore two weeks earlier to the processing mill at Red Lake, about 535 kilometres northwest of Thunder Bay.
CEO Darin Labrenz says the pour represents the transition of the junior mining company to “producer” status. He says the construction of the mine, expected to cost about $95 million when approved in 2019, was accomplished on budget and on schedule. The company says the PureGold mine employs over 200 people and the related workforce is expected to average 350 during the 12-year phase one mine operation.
Focus on optimizing operations
The company says it will now focus on optimizing operations at the mine while continuing an exploration drilling program. It plans to provide guidance for the year after the first quarter.
“With our first gold pour, we have transitioned to producer, and delivered on our promise to build Canada’s newest gold mine in the heart of Red Lake, Ont., on budget and on schedule,” said Labrenz. “To build a mine at any time requires a complete team effort comprised of dedicated, driven, and focused individuals. To do so under the unique challenges of 2020 speaks to the quality and dedication of the entire team.”
Pure Gold says its owners include investor Eric Sprott with over 10 per cent of the stock, South African gold producer, AngloGold Ashanti Ltd. with about 16 per cent, and American gold producer Newmont Corp.