- Pure Gold Mining (TSX:PGM) have not adjusted outlooks for 2020 despite slowdown
- The company’s developments at the Red Lake site continue normally
- Both the Pure Gold Red Lake mine site as well as corporate offices have implemented preventative measures
- The development schedule remains on track, with prediction anticipated in Q4 2020
- Pure Gold Mining (PGM) is down 5.17 per cent, with shares currently trading at C$0.55 and a market cap of $197 million
Pure Gold Mining Inc (TSX:PGM) has today announced that its outlook remains unchanged, despite increased precautions taken to prevent COVID-19 outbreaks.
The Vancouver miner expected the Red Lake Mine, which is the highest-grade gold development project in Canada, to continue on schedule.
The company still expects first production to occur in Q4 2020.
Pure Gold has ratcheted up bio-security protocols in a bid to stay on track, with work from home procedures now in full effect.
This includes the detailed engineering work for the mine site development.
The company has locked down the construction site at Red Lake, with screenings being conducted for all contractors and external visitors.
Any employees presenting with risk factors and symptoms are being turned away, as are returning employees on shift changes.
The company has also suspended all international travel, and any employees returning from outside of Canada are isolating for 14 days.
The company’s CEO Darin Labrenz has said that the health safety of employees remains his top priority.
“Though there have been no formed or suspected cases of COVID-19 in Red Lake, we are implementing various precautionary measures aimed at reducing the risk of transmission and enabling our development and construction activities to continue as efficiently as possible,” he said.
The gold sector has been hit by a wave of uncertainty in the last month, as stock markets continue to fall in the face of the COVID-19 pandemic.
This time last month Pure Gold had a share price of C$0.82.
Pure Gold Mining (PGM) is down 5.17 per cent, with shares currently trading for $0.55 at 3:32 pm EST.