Madsen-Red Lake, economic viable!
A resource of 210K Oz of gold Pure Gold Mining announces results of a Preliminary Economic Assessment (PEA) for its Fork, Russet South, and Wedge deposits that demonstrate the potential to add approximately $51 million to the Madsen Gold Project after-tax net present value. As a result of high gold grades, near surface resources, and use of existing infrastructure, mining of these zones will yield an after-tax IRR of 39%. The results of this PEA highlight the tremendous prospective upside at Madsen-Red Lake & it is the economic viability of Madsen, and demonstrates how Pure Gold would phase new discoveries into future mine plans. Based on the current resource, development of these new discoveries could add approximately four years of production at below-industry average cash costs while generating robust cash flows. “Our PEA provides us with a blueprint of how we could expand our mine life and production profile at Madsen, and illustrates just how impactf...