London Stock Exchange today welcomes Pure Gold Mining
London Stock Exchange today welcomes Pure Gold Mining (‘Pure Gold’ or the ‘Company’), (TSX-V: PGM / LSE: PUR) a Canadian focused gold development company that owns the high-grade Madsen Red Lake Gold Mine in Red Lake, Ontario, to celebrate its first day trading on the Main Market of the LSE. The Company’s shares were admitted to the Standard Segment of the Official List of the Financial Conduct Authority, at 8am on Thursday 16 May 2019. The Company will also keep its primary listing on the Toronto Stock Exchange (TSX).
Pure Gold is a Canadian focused gold developer. It has recently released the feasibility study for its flagship asset, the Madsen Red Lake Gold Mine, which establishes it as the highest-grade development project in Canada. The study outlines an 800 tonne per day underground mining operation with a 12-year Life of Mine, current probable reserves of one million ounces at 9 g/t Au in 3.5 million tonnes, and comparatively low initial capital cost of C$95m. In addition, specific exploration targets and satellite resources not considered in the feasibility study suggest an opportunity for near-term growth to potentially further enhance the economics of the project. A preliminary economic assessment completed on several of these satellite zones, demonstrates robust economics and outlines how Pure Gold would phase these new discoveries into future mine plans. The Company is targeting H2 2020 for first production.
The Madsen-Red Lake orebody is an exceptional foundation on which to build a gold mining company. With Probable Mineral Reserves of 3.5 Mt at 9.0 g/t containing 1.0 million ounces of gold included in a Mineral Resource of 7,196,000 Indicated tonnes grading 8.9 g/t for 2,063,000 ounces of gold and 1,880,000 Inferred tonnes grading 7.7 g/t for 467,000 ounces of gold, Madsen ranks 11th out of 132 projects globally by grade, or in the 8th percentile.
Pure Gold CEO & President, Darin Labrenz, commented:
"We are extremely excited to be celebrating Pure Gold’s admission to the Main Market of London Stock Exchange this morning. It represents an important and timely strategic milestone for the Company and allows us to introduce Pure Gold to European and UK investors as we approach construction of our high-grade Madsen Red Lake Gold Mine ahead of first production next year.
The Madsen Red Lake Gold Mine presents an attractive investment opportunity through the high-grade ore body, low capital cost and short 13-month construction. We look forward to broadening our shareholder register as we approach production and unlock the wider deposits in our licence area within the iconic Red Lake region, the home of Canada’s high-grade gold industry."
Tamesis Partners LLP and Velocity Trade Capital are the Company’s financial advisers; the Company’s UK legal adviser id Memery Crystal LLP; their Canadian legal adviser is Blake, Cassels & Graydon LLP; Tavistock is Pure Gold’s Public Relations adviser.