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  • April 17, 2023
  • Industry News
Buyer has emerged for shuttered Red Lake mine

A Vancouver gold exploration company is buying insolvent Pure Gold Mining’s mothballed mine and mill complex in Red Lake for $6.5 million.

West Red Lake Gold Mines delivered the news on April 17 that it has entered into a binding letter agreement with Pure Gold Mining and its lender, Sprott Resource Lending, to acquire the former Madsen Gold mine and the entire 80-square-kilometre land package.

This will be the junior miner’s first operating asset. West Red Lake Gold Mines has a 3,100-hectare exploration property containing three former mines, located 15 kilometres west of Evolution Mining’s Red Lake mining complex in the northwestern Ontario gold mining camp.

Pure Gold Mining entered CCAA (Companies Creditors Arrangement Act) last Halloween. The underground mine and mill complex is not operating.  It was placed on care and maintenance last October and is being overseen by a skeleton crew at the site.

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Read the full story at Northern Ontario Business.

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