Archive | Red Lake

Rubicon Minerals seeks to bury a dubious past: Red Lake mine developer suggests name change at upcoming shareholders meeting – by Staff (Northern Ontario Business – May 19, 2020)

May 20, 2020 in Canadian Regional Media and Web Publications, Gold and Silver, Ontario Mining, Red Lake

https://www.northernontariobusiness.com/

A Red Lake mine builder is pondering a name change. Shareholders of Rubicon Minerals will be asked to consider a new name for the company letterhead – Battle North Gold Corporation – at the June 22 annual general meeting.

The name of the proposed mine could also change from the Phoenix Gold Project to the Bateman Gold Project, the township where the development is located.

In a May 19 release, Rubicon said the name change provides a “fresh perspective” on the accomplishments made in over last three and a half years. Continue Reading →

Australians make a $475-million splash in Red Lake – Staff (Northern Ontario Business – November 26, 2019)

November 26, 2019 in Australia/New Caledonia/Papua New Guinea Mining, Canadian Regional Media and Web Publications, Gold and Silver, Ontario Mining, Red Lake

https://www.northernontariobusiness.com/

Evolution Mining enters northwest gold camp with plans to boost production, lower operating costs, spend like mad on exploration

Evolution Mining, a leading Australian gold producer, is making a big-splash entry into Canada by acquiring the Red Lake Gold Complex from Newmont Goldcorp in a cash deal worth US$475 million. The Sydney and Perth-headquartered gold miner made the announcement on Nov. 26, Australian time.

The news release included details of a three-year “turnaround” plan to “reinvigorate” the northwestern Ontario gold camp by reducing operating costs, increasing production, and extending mine life.

According to the terms of the transaction, Evolution will pay Newmont Goldcorp US$375 million at close, plus an additional US$100 million contingent on a new resource discovery. Continue Reading →

NEWS RELEASE: Newmont Goldcorp Successfully Reaches Agreement to Sell Red Lake — $375 Million in Cash Plus Up To $100 Million in Contingent Payments (November 25, 2019)

November 25, 2019 in Gold and Silver, Goldcorp Inc., Ontario Mining, Red Lake

Sale further optimizes world-class portfolio while improving financial flexibility

DENVER — Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) has continued to streamline its asset base by entering into a binding agreement to sell the Red Lake complex in Ontario, Canada to Evolution Mining Limited (Evolution). Upon closing of the transaction, expected in the first quarter of 2020, Newmont will receive $375 million in cash and contingent payments of up to an additional $100 million tied to new resource discoveries.

“This transaction both strengthens our balance sheet and provides ongoing exposure to new discoveries at Red Lake,” said Tom Palmer, President and Chief Executive Officer. “Evolution is a highly respected and responsible gold producer who is committed to the success of Red Lake and who we believe will prove a great partner for surrounding communities and stakeholders.”

Under terms of the $100 million contingent payment, Evolution will pay Newmont $20 million for each one million ounces of new gold resources added to the existing Red Lake resource base over a fifteen year period. The contingent payment is applicable to the first five million ounces of new resources. Continue Reading →

The Red Lake resurgence: Miners and explorers seek ever more gold from this busy Ontario district – by Greg Klein (Resource Clips – September 16, 2019)

September 17, 2019 in Canadian Regional Media and Web Publications, Gold and Silver, Ontario Mining, Red Lake

http://resourceclips.com/

A new gold producer on the way, attention-grabbing assays from a well-financed junior and high hopes for the price of gold—could that in any way explain the current excitement at Red Lake? A region that’s produced 30 million ounces since its first rush in 1926 still has more gold to mine and, explorers believe, more mines to find.

Just as Newmont Goldcorp TSX:NGT was considering the sale of its Red Lake operations, Pure Gold Mining TSXV:PGM began building Madsen Red Lake, billed as Canada’s highest-grade gold development project. But, as far as juniors are concerned, the district’s biggest newsmaker has been Great Bear Resources’ (TSXV:GBR) Dixie Lake property.

While focused on British Columbia’s Golden Triangle in 2017, Great Bear optioned Dixie from Newmont, also getting decades of data from over 160 historic holes. Given the succession of companies that drilled and departed, the data might have seemed more encumbrance than encouragement. Continue Reading →

Canada’s Pure Gold starts trading in London – by Cecilia Jamasmie (Mining.com – May 20, 2019)

May 21, 2019 in Canadian Media Resource Articles, Gold and Silver, Ontario Mining, Red Lake

http://www.mining.com/

Canada’s Pure Gold Mining (TSX-V: PGM) has begun trading on the main market of the London Stock Exchange under the ticker PUR, in a move aimed at lifting the company’s international profile ahead of its transition to producer from developer.

The Vancouver-based miner, which is advancing a high-grade gold project in Ontario, believes a dual listing will give it access to a much broader pool of international capital, at a time when junior miners in Canada are having a hard time competing with the booming cannabis sector.

Interest in the emerging business, which spiked after Canada legalized the recreational use of cannabis in October, has been sucking investment capital away from the mining sector, and hitting juniors hardest, a recent study by BDO shows. Continue Reading →

December fire at Red Lake Mine raises red flags about lithium batteries – by Len Gillis (Northern Ontarion Business – May 13, 2019)

May 13, 2019 in Battery Technology Innovation/Electric Vehicles, Canadian Regional Media and Web Publications, Ontario Mining, Red Lake

https://www.northernontariobusiness.com/

Underground blaze prompts call for new procedures to store, charge batteries for tools

Red flags have been raised about the possibility of lithium ion tool batteries catching fire in industrial settings, such as mines. Newmont Goldcorp’s Red Lake Gold Mines reported that an underground fire took place Dec. 6 when three workers went to get their tools on the 4400 level storage area.

“When the workers arrived, they smelled smoke,” said mine rescuer Loye Halteman at a recent safety conference in Sudbury.

One of the workers was sent back to a refuge station to notify security to “stench the mine,” thus releasing stench gas, a foul-smelling gas used to alert miners of impending danger. Continue Reading →

Pure Gold revives a past producer in the Red Lake camp – by Lindsay Kelly (Northern Ontario Business – April 25, 2019)

April 25, 2019 in Canadian Regional Media and Web Publications, Gold and Silver, Ontario Mining, Red Lake

https://www.northernontariobusiness.com/

Mine developer aiming for commercial production at Madsen Mine project in 2020

Six years ago, as board members at Pure Gold Mining were going through a checklist spelling out the ideal attributes of a potential exploration property, they quickly realized the past-producing Red Lake Madsen Mine had it all.

“We wanted to be in a good, stable jurisdiction, we wanted a project that was high-grade, and we wanted access to infrastructure,” said Darin Labrenz, president, CEO and director at Pure Gold. “So, something that we could not only explore, but ultimately build.”

In operation between 1938 and 1974, Madsen is the second largest producer in the Red Lake camp, consecutively producing 2.5 million ounces of gold over 36 years. Continue Reading →

IBM’s Watson takes a deep look at Red Lake: Goldcorp using artificial intelligence analytics to hunt for gold – by Staff (Northern Ontario Business – November 26, 2018)

November 27, 2018 in Canadian Regional Media and Web Publications, Gold and Silver, Mining Education and Innovation, Ontario Mining, Red Lake

https://www.northernontariobusiness.com/

IBM’s Watson supercomputer is being employed to help look for gold in northwestern Ontario’s Red Lake mining camp. Goldcorp and the U.S. tech giant have teamed up for an “innovative first” with a new product – IBM Exploration with Watson – that employs artificial intelligence to predict the potential for gold mineralization using exploration data sets from the company’s Red Lake Gold Mines.

A Nov. 26 Goldcorp news release said IBM Exploration with Watson help geologists find key information in a fraction of the time and cost of traditional methods through the use of spatial analytics, machine learning, and predictive models.

“The potential to radically accelerate exploration target identification combined with significantly improved hit rates on economic mineralization has the potential to drive a step-change in the pace of value growth in the industry,” said Todd White, Goldcorp’s executive vice-president and chief operating officer in a Nov. 26 statement. Continue Reading →

McEwen invests in explorer Great Bear – by Mariaan Web (MiningWeekly.com – August 27, 2018)

August 27, 2018 in Canadian Media Resource Articles, Gold and Silver, Junior Exploration Sector, Ontario Mining, Red Lake

http://www.miningweekly.com/

Precious metals miner McEwen Mining and its chief owner Rob McEwen will invest a combined C$6-million in Ontario explorer Great Bear Resources, which last week announced a high-grade gold discovery in the Red Lake district.

Rob McEwen has agreed to purchase $4.8-million and McEwen Mining $1.2-million of the TSX-V-listed exploration company’s private placement financing to raise C$10-million. The private placement, announced on Friday, is priced at C$1.45 a unit.

On completion, the two entities will collectively own 18.8% of Great Bear, which Rob McEwen believes could be onto a “significant new gold discovery” in one of Canada’s premier mining camps. Continue Reading →

[Ontario Gold mining history] The Red Lake Marines – by Leslie Roberts (MACLEAN’S Magazine – November 15, 1937)

February 1, 2017 in Canadian Media Resource Articles, Canadian Mining History, Gold and Silver, Northern Ontario History, Red Lake

http://www.macleans.ca/

Freighting that ties up the air lanes with ice and water routes is a big job

BILL COOK, transportation executive at the Red Lake base, said, “If you’re all set, let’s get going.” The mechanic cast off from the dock. The pilot gunned the motor. The ship taxied out into clear water, nosed into the wind, raced over the choppy surface, stepped into the air.

Behind us the town of Red Lake faded toward the northern horizon a town of 900 people who live in virtually the same circumstances of creature comfort as may be found in Aurora or Orillia, excepting the absence of railroads or motor highways. Back in Red Lake, nattily uniformed waitresses were spreading white damask and spotless silver on the tables in the hotel dining room; guests were debating politics and the stock market in deep armchairs in the lobby.

Around the streets youngsters were wondering if this Infantry Paralelasis, or whatever it is, would mean longer holidays, the way it did in Toronto. Their mothers were plugging electric-iron cords into wall sockets, buying steaks down at the shops along the Main Street sidewalk, talking bridge, tennis, plans for the coming badminton season with their neighbors. Continue Reading →

Back to the drawing board: Rubicon outlines its Red Lake exploration program – by Ian Ross (Northern Ontario Business – January 10, 2017)

January 11, 2017 in Canadian Regional Media and Web Publications, Gold and Silver, Ontario Mining, Red Lake

https://www.northernontariobusiness.com/

New management at Rubicon Minerals promise a more thorough, responsible and transparent approach toward getting its shuttered Phoenix Gold Project back on track. The would-be Red Lake miner provided the details on its exploration plans over the next two years on Jan. 10.

“We have finalized the details of our 18- to 24-month exploration program that will advance our understanding of the F2 Gold Deposit at the Phoenix Gold Project,” said Rubicon president-CEO George Ogilvie in a news release.

Coming out of creditor protection and refinancing, Rubicon is out to restore investor confidence and attempt to shake off its reputation as one of Northern Ontario’s biggest mining blunders. Continue Reading →

Restructuring the shaft of shame: Rubicon Minerals aims to start anew in 2017 – by Staff (Northern Ontario Business – December 20, 2016)

December 21, 2016 in Canadian Regional Media and Web Publications, Gold and Silver, Ontario Mining, Red Lake

https://www.northernontariobusiness.com/

An Ontario court has approved a restructuring plan to revive a shuttered gold mine development in northwestern Ontario.

Rubicon Minerals was granted a sanction order from the Ontario Superior Court of Justice, Dec. 8, to approve the Toronto-based mine developer’s refinancing and restructuring plan for its Phoenix Gold project near Red Lake. The company sought protection from its creditors on Oct. 20. Ernst & Young was appointed as the monitor.

A majority of the affected creditors had earlier voted to approve the plan on Dec. 2. Rubicon announced Dec. 20 that the restructuring process was complete and that the company has been notified by the TSX that its common shares will remain listed on the TSX under the symbol RMX. Rubicon shares will resume trading on Dec. 22. Continue Reading →

Abandoned mine tailings threaten Pickle Lake development – by Ian Ross (Northern Ontario Business – May 27, 2016)

May 30, 2016 in Canadian Regional Media and Web Publications, Gold and Silver, Mining Environmental Accidents, Pollution, Tailing Dams and Abandoned Mines, Ontario Mining, Red Lake

http://www.northernontariobusiness.com/

Pickle Lake Mayor Karl Hopf said his northwestern community is being “handcuffed” by a one-size-fits-all provincial policy that’s stonewalling future development. Drafting a new Official Plan for the township of 425 has stirred the pot on a four-decades-old environmental legacy issue that’s resulted in a standoff between the municipality and three provincial ministries.

Red flags have been raised from the presence of arsenic in old surface tailings from a mine that closed in the 1950s. It’s caused the province to curb any new development along a highway corridor that the municipality wants to set aside for business opportunities.

The township is now at loggerheads with the Ministry of Municipal Affairs and Housing in refusing to sign off on a new Official Plan until the province finally commits to remediating the site. “For 40 years, they keep saying it’s a health issue,” said Hopf. “Well, let’s fix it.” Continue Reading →

Rubicon Minerals Corp warns ‘significant doubt’ it can survive after breaching loan – by Peter Koven (Financial Post – March 23, 2016)

March 23, 2016 in Canadian Media Resource Articles, Gold and Silver, Ontario Mining, Red Lake

http://business.financialpost.com/

TORONTO — Rubicon Minerals Corp. is at risk of collapse after breaching a debt covenant and halting its high-profile Ontario gold project due to technical problems.

The junior miner announced Tuesday that there is “significant doubt” it can continue as a going concern because of its debt, and may have to seek creditor protection.

To stay onside with the terms of its loan facility, Toronto-based Rubicon needed to have its Phoenix mine up and running by now. That has not happened. Rubicon had to halt development work at the Red Lake-based project last year after getting underground and realizing that the geology was far more complex than it initially thought. Continue Reading →

Rubicon Minerals Corp shares plunge as miner slashes its gold resources by 88% – by Peter Koven (National Post – January 12, 2016)

January 12, 2016 in Canadian Media Resource Articles, Gold and Silver, Ontario Mining, Red Lake

http://business.financialpost.com/

Junior miner Rubicon Minerals Corp. has slashed its gold resources by an astounding 88 per cent, confirming the company will go down as one of the worst Canadian mining meltdowns in years.

The stock plunged 64 per cent on Monday, closing at 5 cents, as this news crushed any remaining investor confidence in the formerly high-flying company. Rubicon has hired financial advisors to try to salvage value for shareholders, but there is little confidence that they will succeed.

“We’re very disappointed, as management and the board, at what’s transpired,” interim chief executive Michael Winship said on a conference call.

Toronto-based Rubicon was one of the hottest junior mining stories of the past decade, but the company made fatal errors while developing its Phoenix gold project in Ontario’s Red Lake camp. Continue Reading →