Red Lake

https://www.northernontariobusiness.com/

Kinross Gold paints an open pit and underground mining picture worthy of 500,000 ounces a year

Once the Great Bear project gets rocking and rolling in 2029, Kinross Gold projects its future Red Lake mine can be a 500,000-ounce-a-year producer.

The Toronto gold company released a preliminary economic study (PEA) on Sept. 10 of Great Bear showing a 12-year operating life that will churn out 5.3 million ounces of gold over that span. In the PEA, Kinross paints a picture of mining high-grade material via open pit and underground methods, concurrently.

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West Red Lake Gold Mines taking the patient approach before resuming production at the Madsen Mine

West Red Lake Gold Mines president-CEO Shane Williams was very guarded in talking about the blue-sky gold potential of the company’s Madsen Mine property in northwestern Ontario .

The Vancouver company is not rushing the dormant underground mine back into production but is taking a patient approach in its reboot of an operation that entered creditor protection in the fall of 2022 under the Pure Gold Mining banner.

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Gold company to carve out exploration decline to drill for high-grade gold at depth

Kinross Gold is laying the groundwork for an underground mine with its Great Bear project at Red Lake. Construction of an exploration decline is in the works for next year to move the drill rigs underground and chase high-grade gold at depth, according to its 2024 second quarter results released July 31.

Down the road, Kinross wants to start production at Great Bear in 2029. Prep work for the decline begins in the second half of this year once all the permitting, engineering and procurement is done. Breaking ground on the advanced exploration decline — known as the AEX program — starts in mid-2025.

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Investors of insolvent gold mining company expanding class action suit

The former management team and underwriters of a collapsed Red Lake gold mining company are being held to account by out-of-pocket shareholders.

A proposed securities class action suit filed in the Supreme Court of British Columbia against the former directors and officers of Pure Gold Mining of Vancouver is being expanded to seeking compensation for damages and losses incurred from their investments in Pure Gold Mining.

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This week Bill, as a tourist, takes us to Red Lake – like other Northern Ontario communities it has its share of gems

When you leave home and travel a short distance away from your usual routine you become a tourist. When you poke around you find interesting stops as you, yet again, visit another Northern Ontario community.

One example is Red Lake a long way to go almost at the end of the road. There is the natural and cultural heritage of the area, the real gems to be found and appreciated on the back roads and waters. There is more than a handful of “neat things” to discover.

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Frank Giustra-backed upstart company more than a year away from Red Lake mine restart

Shane Williams and West Red Lake Gold Mines are in no big rush to put the dormant Madsen Mine back into production. The Vancouver gold company intends to take a methodical approach to set things right and deep dive into the deposit before resuming production at the shuttered underground mine, southwest of the town of Red Lake.

Months and months of underground drilling is on the docket to get a more accurate picture of the ore body and a better impression of the area’s geology, before they’ll even entertain the thought of a restart.

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Many bidders could show interest in shuttered Red Lake mine should court approve sales process

Pure Gold Mining could have the ‘For Sale’ sign out for its Red Lake mine as early as Thursday. The insolvent Vancouver gold company, now under creditor protection, heads to a B.C. court Nov. 9 to petition for the sales process to begin immediately of its underground mine, processing mill and 4,600 hectares of gold property.

According to recent court documents, the company is asking for a stay of proceedings until Jan. 27, 2023 and permission to start the sales and investment solicitation process (SISP). National Bank Financial will be the sales agent.

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CCAA court documents show mine supply and service companies owed $16 million

With only a $260,000 cash balance at the end, insolvent Pure Gold Mining has started the process of finding a new buyer or deep-pocketed investor for its Red Lake mine and mill operation.

Facing an “imminent” cash crisis, unable to raise any outside financing, and plagued by “operational challenges,” the Vancouver mining company called a halt to operations Oct. 24 and was granted creditor protection by the B.C. Supreme Court under the Companies’ Creditor Arrangement Act on Oct. 31.

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“We paid the price for that,” says company CEO in positioning the northwestern Ontario mine for late 2022 turnaround

Pure Gold Mining president-CEO Mark O’Dea offered a simple explanation for last year’s stumbling production start at its Red Lake mine. The company began mining at the wrong end of the deposit.

The Vancouver gold miner delivered a conference call update this week on its second quarter results and the progress made at its namesake mine after embarking on an operational “turn-around” process last January.

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PureGold Mining launches strategic review of its underperforming mine

The “turnaround plan” for a struggling Red Lake gold mine may include a sale of the company and its underground operation in northwestern Ontario.

PureGold Mining has initiated a strategic review process that could involve a potential sale or merger of the company, a sale of all or part of its mine, or other long-term financing options. It’s been a steep decline for the Vancouver-based mining startup company.

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Australia’s Evolution Mining preparing to pump millions into expanding gold zones, mill upgrades

Gold prices were slumping in July to a six-month low at US$1,730, but mining and advanced exploration activity is intensifying in the Red Lake mining camp. Evolution Mining plans to spend between $120 million and $135 million this year on development and upgrades at its Red Lake mine complex.

The Australian gold company has ambitious plans to boost gold production by 65 per cent in the northwestern Ontario camp over the next two to three years. “We know that all eyes are on Red Lake,” said Jake Klein, Evolution Mining’s executive chairman, in delivering a business update on its worldwide operations, June 27.

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PureGold Mining hires former Kirkland Lake Gold CEO as technical advisor

A struggling Red Lake gold mining company has turned to a well-respected mining veteran and company builder for help to get back on track. PureGold Mining is bringing former Kirkland Lake Gold CEO Tony Makuch aboard as a technical advisor.

Barely a year into commercial production, the company is struggling financially and operationally to get the former Madsen Mine complex into top gear. The former president-CEO of Kirkland Lake Gold, who resigned that post in February, will provide input on mining activities, development strategies, exploration efforts and organizational efficiencies.

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