AngloGold ups stake in Canadian gold developer
South Africa-based miner AngloGold Ashanti has invested an additional $5-million into Canadian miner PureGold, which is developing a mine in Ontario, Canada.
The gold major exercised 5 036 250 share purchase warrants with a strike price of $0.85, increasing its interest in PureGold to 16% - maintaining its position as the junior’s single largest shareholder.
"AngloGold Ashanti have once again demonstrated their strong support of PureGold as we complete construction and prepare for first gold pour at our Pure Gold mine,” said PureGold president and CEO Darin Labrenz.
With about $120-million available in funding, and $72-million remaining on capital expenditure, the TSX-V and LSE-listed firm is in a solid financial position to complete the mine construction, in Red Lake.
The mine will be an 800 t/d underground operation with a 12-year mine life.
With probable mineral reserves of 3.5-million tonnes at 9 g/t, containing one-million ounces of gold, including a mineral resource of 7.19-million indicated tonnes grading 8.9 g/t gold for 2.06-million ounces of gold and 1.88-million inferred tonnes grading 7.7 g/t gold for 467 000 oz of gold, the Pure Gold mine is the highest grade development stage gold deposit in Canada today.
The orebody is an “exceptional foundation” on which to build a gold mining company, Labrenz previously said.
The company is advancing an aggressive exploration programme.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation