Pure Gold’s Madsen Red Lake establishes partnership with First Nations
Canadian project developer Pure Gold Mining has signed a project agreement with the Wabauskang First Nation and Lac Seul First Nation with respect to the Madsen Red Lake mine, in Ontario.
The agreement establishes a long-term partnership between Pure Gold and the First Nations, which includes 500 000 shares of the mining company to each of Wabauskang and Lac Seul, subject to regulatory approval.
Pure Gold also committed to future financial contributions, commensurate with production, and to provide employment opportunities, as well as education and training initiatives.
In terms of the agreement, the First Nations will collaborate with the company in support of the operational permitting process for the project and all subsequent regulatory authorisations, while Pure Gold has committed to protecting the environment.
The company said on Monday that a traditional signing ceremony and celebration would be held in the coming weeks.
The feasibility study for the Madsen project outlines a 12-year mine life, current probable reserves of one-million ounces at 9 g/t gold in 3.5-million tonnes, an 800 t/d underground mining operation with comparatively low initial capital cost and strong financial performance.
In addition, exploration targets and satellite resources not considered in the feasibility study suggest potential opportunities for near-term growth.
Pure Gold trades on the TSX-V and the LSE.
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