Goose mine could be open by 2025 in territory’s Kitikmeot region
By 2025, Nunavut’s Kitikmeot region could see a new gold mine enter into production, Sabina Gold and Silver Corp.’s Goose gold mine. The company has been working toward opening a mine in its Back River project for at least a decade.
Sabina plans to make the decision soon about advancing its project to production, said company vice-president Nicole Hoeller. “We wanted to have our financing in place before,” Hoeller said.
Investors in the Goose project include China’s fourth largest gold producer Zhaojin International Mining Co., Ltd. Zhaojin first invested about $66 million in Sabina in 2018 for a 9.9 per cent partnership agreement that also gave Zhaojin a seat on Sabina’s board.
To keep its participation in Sabina at 9.9 per cent, Zhaojin has continued to invest in Sabina as the company has looked for more money and issued more shares to finance its mine. The most recent amount received by Sabina from Zhaojin was $12 million, announced June 13.
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