Pure Gold Mining makes cost-cutting moves, searches the market for financing
Pure Gold Mining’s path to “operational excellence” begins with a shovel-full of pink slips. Buried in an April 22 news release from the financially struggling Red Lake miner was news that 20 per cent of its workforce — 65 employees — were laid off in February to get staffing levels down from 340 to 275.
It’s one of many cost-cutting moves made by the Vancouver-based gold miner to reach the break-even point on the cash flow side at the northwestern Ontario underground operation. But management is promising better results down the road
It’s been an extremely rocky first four months of 2022 for the company’s only mining operation, now on its third president in less than a year, among a flurry of changes in senior management and at the operational level.
Company director Mark O’Dea is the new interim president of Pure Gold. He replaces Troy Fiero who is stepping down for health reasons. Fiero came aboard in January to replace Darin Labrenz who was ousted.
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