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Signs look positive for Red Lake gold mine

from Northern Ontario Business

A preliminary economic assessment prepared for Pure Gold Mining forecasts a 6.5-year mine life for its Madsen Gold Project at Red Lake. The study, prepared by Nordmin Engineering of Sudbury, indicates average annual gold production of 47,191 ounces and peak annual gold production of approximately 58,000 ounces. The pre-production capital costs are pegged at $20.1 million with a 12-month, pre-production phase. The operating costs over the life of the mine are estimated at $39.2 million. more


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