Battle North Gold to start mining in Canada's most storied gold region
After four-years of de-risking work, Battle North Gold (TSE:BNAU) will pour gold mined at its Bateman project in the Red Lake area of Ontario, Canada, later this year.
CEO George Ogilve talked to Kitco on Monday.
Red Lake was once home to one of the world's largest gold mines. It was also the region that helped Goldcorp become one of the most profitable companies in its industry. Current companies working in the region are well-known Great Bear Resources and PureGold Mine.
The Bateman project has an after-tax internal rate of return of 50% and an after-tax net present value of $305 million Canadian at $1,525 per gold ounce. The mine is set to produce 80,000 ounces of gold per year over an 8-year mine life.
Ogilvie has an extensive background in underground gold mining, with many years working for AngloGold in South Africa and Anglo Base Metals in Manitoba. Previously, he was CEO of Kirkland Lake Gold and was instrumental in turning the company around. Ogilvie and his team are credited with righting the Bateman Gold Project and will be overseeing its construction and operation.