Ontario Northwest open-pit mine builder pockets US $22.5-million in streaming deal – by Staff (Northern Ontario Business – June 11, 2020)

https://www.northernontariobusiness.com/

First Mining Gold signs deal with First Majestic Silver for half of Springpole’s silver production

The developers of the Springpole gold mine project in northwestern Ontario have signed a US$22.5-million silver streaming deal with a major Mexican mining interest.

First Mining Gold has an agreement with First Majestic Silver to purchase 50 per cent of the silver produced from Springpole for the 12-year life of the proposed open-pit gold and silver mine.

The project, 110 kilometres northeast of Red Lake, is now in the technical study and permitting stage.

First Mining is earmarking the money to fund a prefeasibility study for Springpole, all the environmental assessment work, community consultation, and for general administrative purposes through to 2023.

For Vancouver-based First Majestic, this is the first investment on home soil. The company operates three silver and gold mines in Mexico.

For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/northwest-open-pit-mine-builder-pockets-us-225-million-in-streaming-deal-2426857

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