VANCOUVER, British Columbia, April 04, 2018 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSXV:PGM) (“Pure Gold” or the “Company”) is pleased to announce that the Northwestern Ontario Prospectors Association (NWOPA) has honoured Pure Gold with the “Developer of the Year” award for the Madsen Gold Project at their annual awards dinner in Thunder Bay, Ontario on April 3, 2018.
Darin Labrenz, President and CEO commented: “We greatly appreciate the Northwestern Ontario Prospectors Association recognition of the Pure Gold exploration and development team, staff and our partner contractors and consultants in the development of the Madsen Gold Project. My appreciation extends to the communities of Madsen and Red Lake and the Wabauskang First Nation and Lac Seul First Nation. Congratulations to the extended team for all their hard efforts over the last year as we continue to move the project forward rapidly through to the Definitive Feasibility Stage planned for completion in the fourth quarter of 2018. A deserving recognition for all your efforts as we advance the Madsen Gold Project onto the path of becoming Ontario’s next gold mine”.
In 2017, Pure Gold achieved several major milestones for the Madsen Project that included:
- Completion of over 150,000 meters of drilling in the past two years
- Completion of an updated mineral resource report in August 2017 for the Madsen Deposit resulting in an indicated resource of 1,648,000 ounces gold at 8.9 g/t gold (in 5.79 million tonnes) and an inferred resource of 178,000 ounces gold at 9.4 g/t gold (in 0.59 million tonnes) at a cut-off grade of 4 g/t Au1
- Reopening and reconditioning of the Madsen underground ramp including: installing new ground support, water line, mine air heating and ventilation, power line construction and commissioning, and communications infrastructure
- Completion of the Preliminary Economic Assessment (PEA) in September 2017
- Addition of mineral resources from two satellite deposits to the Madsen Mineral Resource in December 20171
- Discovery of multiple zones of high grade gold mineralization at the Wedge satellite target
- Initiation of a Definitive Feasibility study in December 2017
The Pure Gold team thanks the Northwestern Ontario Prospectors Association for this great recognition.
ABOUT MADSEN
The Madsen Gold Project has historical production of 2.5 million ounces of gold and a current indicated resource of 1,744,000 ounces gold at 8.7 g/t gold (in 6.2 million tonnes) and an inferred resource of 296,000 ounces gold at 7.9 g/t gold (in 1.2 million tonnes), the Project benefits from existing infrastructure including a mill and tailings facility, paved highway access, and access to power, water and experienced labour.1 A feasibility study is underway with results expected in the fourth quarter of 2018.
- See the National Instrument 43-101 technical report entitled “Technical Report for the Madsen Gold Project - Restated Preliminary Economic Assessment and Initial Satellite Deposit Mineral Resource Estimates” with an effective date of December 14, 2017 for complete details, available on the Company’s website at www.puregoldmining.ca or Sedar profile at www.sedar.com.
ABOUT PURE GOLD
Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and creativity to unlock the next major discovery at the Madsen Gold Project in Red Lake, Ontario. And become Canada’s next iconic gold company.
Additional information about the Company and its activities may be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com.
ON BEHALF OF THE BOARD
"Darin Labrenz"
Darin Labrenz, President & CEO
Investor inquiries:
Adam Buchanan, Manager, Investor Relations
Tel: 604-646-8000
info@puregoldmining.ca
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pure Gold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about timing of completion of a feasibility study. Many assumptions are based on factors and events that are not within the control of Pure Gold and there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Madsen Gold Project; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated June 16, 2017 in the section entitled "Risk Factors", under Pure Gold’s SEDAR profile at www.sedar.com.
Although Pure Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pure Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.