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


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