Pure Gold greenlights Red Lake mine construction: Fully cashed up, mine developer expects first gold pour in 2020.

• Date: 01 September 2019

Sprott Resource Lending Corp., a major mining financier, has sunk US$90 million into bringing a former Red Lake gold property back into production.

It prompted the board of directors at Pure Gold Mining to approve a "decision to construct" for their high-grade Madsen Mine gold project.

With two northwestern Ontario First Nation communities also on board with the project, the Vancouver developer announced in an Aug 7 news release that Madsen is now "fully funded" and the wheels are in motion to immediately begin development work.

The company expects the first gold pour will be sometime in late 2020.

Sprott's financing packaging consists of a credit facility for US$65 million and US$25 million gold stream.

Combined with the C$47.5 million they raised earlier in equity financing, Pure Gold said they have enough flexibility to continue exploration drilling on their 47-square-kilometre property...