PRECIOUS METALS

Pure Gold secures US$90M Sprott financing to build Madsen

Pure Gold Mining has closed a US$90 million project financing package with Sprott Resource Lending to complete the funding needed to build a mine at its Madsen gold deposit in the Red Lake district of Ontario, Canada. The financing follows a C$47.5 million equity raise in July and with the build now fully funded the company has taken the construction decision.

Staff reporter
Madsen in Red Lake, Ontario, Canada

Madsen in Red Lake, Ontario, Canada

The Madsen feasibility study details an 800 tonne per day underground mining operation to produce 80,000 ounces a year over a 12-year mine life at an initial capital cost of C$95 million (US$71 million)...

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