- Pure Gold Mining (PGM) has poured the first gold from its eponymous mine in Red Lake, Ontario
- The first gold pour occurred on December 29, two weeks after ore from the mine reached the site’s mill
- With the gold now poured, the company is working to optimise the operation, with commercial production expected by the end of 2021’s first quarter
- In tandem with the optimisation efforts, exploration at the site remains ongoing and hopes to further expand both surface and underground reserves
- Pure Gold Mining is up 0.38 per cent and is trading at C$2.65 per share
Pure Gold Mining (PGM) has poured the first gold from its eponymous mine in Red Lake, Ontario.
The first gold pour occurred on December 29, two weeks after the ore reached the site’s mill.
The pouring caps a long journey of development at the PureGold mine, which the company first purchased around six years ago.
Darin Labrenz, President and CEO of PureGold commented that, with this first gold bar, the company can now focus on ramping up the operation to steady state production and build a long-life growth company in Red Lake.
“Today, the PureGold Mine has come to life. 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 Ontario, on budget and on schedule,” he said.
“To build a mine at any time requires a complete team effort comprised of dedicated, driven, and focussed individuals. To do so under the unique challenges of 2020 speaks to the quality and dedication of the entire team,” he added.
With the gold now poured, the company is working to optimise the operation, with commercial production expected by the end of 2021’s first quarter. In tandem with the optimisation efforts, exploration at the site remains ongoing and hopes to further expand both surface and underground reserves.
This is the first stage of the mine’s development, which will see around one million ounces of high-grade gold at all-in-costs of US$787 (approximately C$1004)per ounce.
Pure Gold Mining is up 0.38 per cent and is trading at $2.65 per share at 10:27am EST.