Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Pure Gold Mining (TSXV: PGM) announced on Friday that the company is closely monitoring the Covid-19 pandemic and has implemented preventative measures at both the Pure Gold Red Lake mine site as well as corporate offices to safeguard the health of its employees.
“Though there have been no confirmed or suspected cases of Covid-19 in Red Lake, we are implementing various precautionary measures aimed at reducing the risk of transmission and enabling our development and construction activities to continue as efficiently as possible,” President and CEO Darin Labrenz said in a media release.
At the moment, development activities at the Pure Gold Red Lake mine continue to operate normally, the company said, with no significant impact to date beyond the implementation of additional education and safety measures. The mine is still on track for first gold production in late 2020.
The mine located in Red Lake, Ontario, is considered one of Canada’s highest-grade gold development projects. A feasibility study released in February 2019 outlined a 12-year, high-grade underground mining operation capable of producing 125,000 ounces of payable gold annually.
