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  • July 12, 2022
  • Industry News
Red Lake mine could be on the selling block

PureGold Mining launches strategic review of its underperforming mine

The “turnaround plan” for a struggling Red Lake gold mine may include a sale of the company and its underground operation in northwestern Ontario.

PureGold Mining has initiated a strategic review process that could involve a potential sale or merger of the company, a sale of all or part of its mine, or other long-term financing options.

It’s been a steep decline for the Vancouver-based mining startup company. Amidst high hopes in 2021, the PureGold Mine entered commercial production last August on the site of the former Madsen Mine, located a few kilometres southwest of the town of Red Lake.

Read the full article from Northern Ontario Business

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