Pure Gold Mining Inc., a Canadian gold development company that owns the high-grade Madsen Gold Project in Red Lake, Ontario, has announced its intention to be listed on the London Stock Exchange.
The Madsen Gold Project is a precious metals resource project located in the Red Lake district of Northwestern Ontario, Canada, an established mining jurisdiction where more than 29 million ounces of gold has been produced to date from 28 historical mines
Pure Gold, currently listed on the TSX Venture Exchange, recently released a technical report containing the results of a feasibility study on the project which highlighted a robust 12-year underground mining operation with a comparatively low initial capital cost of C$95m and strong financial performance with an after-tax net present value of C$247m and an after-tax internal rate of return of 36%, using a gold price of US$1,275/oz.
Darin Labrenz, President and CEO of Pure Gold, commented: “We are pleased to be bringing Pure Gold Mining and our high-grade Madsen Gold Project to the London Stock Exchange ahead of our near-term transition to gold production. Madsen is located in Red Lake Ontario, the heart and home of Canada’s high-grade gold mining district that to date has produced 29 million ounces of gold at an average grade of 15.6 grams per tonne gold, making it one of the world’s highest grade gold regions.
“The London market is known for its deep knowledge of the mining sector and as an investment destination for institutional capital from around the world. Our dual listing will increase the Company’s international profile, and facilitate improved access to UK and international gold-focused institutional investors that are attracted to an asset that boasts a one million ounce reserve at a high-grade of approximately nine grams per tonne with a short 13 month construction period to production at a capital cost of C$95million. We look forward to the higher profile that comes with a London listing and rapidly advancing our Madsen Gold Project to become Canada’s next gold mine.”