TIDMPUR
RNS Number : 6255L
Pure Gold Mining Inc.
09 September 2019
NEWS RELEASE 19-23 September 9, 2019
PURE GOLD AWARDS ENGINEERING AND PROCUREMENT CONTRACTS, BUILDS
OWNERS TEAM, and commences conStruction of its 100% owned Madsen
Gold Mine
VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR)
("Pure Gold" or the "Company") is pleased to announce it has
awarded the surface Engineering and Procurement (E/P) contract to
JDS Energy & Mining ("JDS") in partnership with Hatch Ltd.
("Hatch") and Knight Piesold Ltd. (Knight Piesold) for it's Madsen
Red Lake Mine (the "Project"). Additionally, the Company has
awarded the underground mine design engineering contract to Dumas
Mine Contracting Ltd. ("Dumas").
With the engagement of our engineering partners, the Company has
commenced construction. Detailed design work on surface
infrastructure, as well as underground electrical distribution,
mine ventilation, mine service design and stope optimization has
been initiated, as well as equipment sourcing and the procurement
of long lead time items.
"Today we hit yet another key milestone on our road to near term
cash flow," stated President & CEO, Darin Labrenz. "I am
incredibly proud of our team for what they have accomplished over
the last five years. Madsen began as an exploration concept in late
2014, and has evolved into a multi-million ounce gold deposit that
is now under construction as Canada`s highest grade gold
development project.(1) Along the way, the team has hit every
milestone we set: from first resource estimate, to early conceptual
studies, through a comprehensive feasibility study, an agreement
with our First Nation partners, and now a fully funded financing
package. Today, as we commence construction, our project is
perfectly timed to benefit from a rising gold market, and looks set
to generate well over C$800 million in cumulative pre-tax cash flow
with gold currently near C$2,000 per ounce."
Project and Site Operations Appointments
The Company is also pleased to announce Mr. Dimitry Demianyuk
has joined Pure Gold as Project Manager, Madsen Red Lake Mine. As a
key member of the Site Owner's Team, Mr. Demianyuk will work with
the VP Operations, Ken Donner, providing Engineering Management and
Project Management focussed on the optimization of project scope,
budget, quality and schedule. Mr. Demianyuk is an engineering
professional with 15 years of industry experience in mine
development at all project stages, having worked for established
EPCM firms earlier in his career and then transitioning to
specialize in Project Mangement and Engineering Management as part
of Owner's Teams at Rio Tinto, Frontera Mining, Newcrest, and
Nevsun Resources.
We are also pleased to announce that Ms. Barbara Womersley has
been engaged as a Human Resources lead for the Company. Ms.
Womersley is a Chartered Professional in Human Resources and brings
over 20 years of experience in human resources with a focus on the
mining industry. Ms. Womersley responsibilities include working
with executive management to advance the human resources strategy,
policies and procedures for the expanding workforce as the mine
moves into operation.
With the commencement of site development activities, the
Company has developed a hiring plan to build out the operational
team, with key site-based roles in safety, procurement and human
resources now in place. Current employment opportunities can be
found at http://puregoldmining.ca/contact-us/careers.
About Madsen
The Madsen Red Lake Mine is Canada's highest grade
development-stage gold project(1) and is fully funded to production
with first gold pour projected for late 2020. The orebody is
situated within a five kilometre long gold system in the heart of
the Red Lake gold district. It is wide open in all directions, and
multiple discoveries by the Company suggest potential opportunities
for significant near-term resource growth. Concurrent with
construction activites, the Company is continuing its exploration
drilling program designed to expand and define the extensive gold
system in place at Madsen.
1. Source - S&P Global Market Intelligence, October 2018
Qualified Persons and 43-101 Disclosure
Ken Donner, P. Eng., Vice President, Operations for the Company,
is the designated Qualified Person for this news release within the
meaning of National Instrument 43-101 ("NI 43-101") and has
reviewed and verified that the technical information contained
herein is accurate and approves of the written disclosure of
same.
About Pure Gold Mining Inc.
Our mandate is pure and simple. To dream big. To colour outside
the lines. To use smart science and creativity to unlock the Madsen
Gold Project in Red Lake, Ontario. And become Canada's next iconic
gold company.
Additional information about the Company and its activities may
be found on the Company's website at www.puregoldmining.ca and
under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
"Darin Labrenz"
Darin Labrenz, President & CEO
Investor inquiries:
Adam Buchanan, Manager, Investor Relations
Tel: 604-646-8000
info@puregoldmining.ca
Media inquiries:
Gareth Tredway / Annabel de Morgan - Tavistock
Tel: +44 (0) 20 79207150
puregold@tavistock.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
All statements in this press release, other than statements of
historical fact, are "forward-looking information" with respect to
Pure Gold within the meaning of applicable securities laws,
including, but not limited to statements with respect to those that
address potential quantity and/or grade of minerals, potential size
and expansion of a mineralized zone, proposed timing of exploration
and development plans, the growth potential of the Madsen Gold
Project and opportunities for scalability, the potential for the
Russet South, Fork and Wedge deposits to be economically viable,
potential conversion of inferred resources to measured and
indicated resources, potential extension and expansion of mineral
resources, potential timing of first gold pour, potential size of
cumulative cash flows and the focus of the Company in the coming
months . Forward-looking information is often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "planned", "growth", "expect", "project",
"predict", "potential", "targeting", "intends", "believe",
"potential", and similar expressions, or describes a "goal", or
variation of such words and phrases or state that certain actions,
events or results "may", "should", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking information
is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the
statements are made including, among others, assumptions about
future prices of gold and other metal prices, currency exchange
rates and interest rates, favourable operating conditions,
political stability, obtaining governmental approvals and financing
on time, obtaining renewals for existing licences and permits and
obtaining required licences and permits, labour stability,
stability in market conditions, availability of equipment, accuracy
of any mineral resources, successful resolution of disputes and
anticipated costs and expenditures. Many assumptions are based on
factors and events that are not within the control of Pure Gold and
there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to the
interpretation of results at the Madsen Gold Project; changes in
project parameters as plans continue to be refined; current
economic conditions; future prices of commodities; possible
variations in grade or recovery rates; the costs and timing of the
development of new deposits; failure of equipment or processes to
operate as anticipated; the failure of contracted parties to
perform; the timing and success of exploration activities
generally; delays in permitting; possible claims against the
Company; the timing of future economic studies; labour disputes and
other risks of the mining industry; delays in obtaining
governmental approvals, financing or in the completion of
exploration as well as those factors discussed in the Annual
Information Form of the Company dated March 20, 2019 in the section
entitled "Risk Factors", under Pure Gold's SEDAR profile at
www.sedar.com.
Although Pure Gold has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Pure Gold disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
September 09, 2019 02:01 ET (06:01 GMT)
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