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Pure Gold announce first pour in Red Lake, Ontario

Kitco News

Kitco News has launched its 2021 Outlook, which offers the most comprehensive coverage of precious metals markets in the new year. Trillions of dollars were pumped into financial markets in 2020 and that won't come without consequences. Economists expect that investors will be Bracing For Inflation in 2021.

(Kitco News) - Pure Gold Mining (PUR:LSE) has announced that first gold has been poured at the Company’s high-grade Pure Gold Mine, in Red Lake, Ontario.  The first pour occurred on December 29th, following the introduction of ore to the mill on December 15th, 2020.

Pure Gold commented, “Today, the PureGold Mine has come to life. With our first gold pour, we have transitioned to producer, and delivered on our promise to build Canada’s newest gold mine in the heart of Red Lake Ontario, on budget and on schedule,”.

Darin Labrenz, President and CEO of PureGold added “To build a mine at any time requires a complete team effort comprised of dedicated, driven, and focussed individuals.  To do so under the unique challenges of 2020 speaks to the quality and dedication of the entire team.  With this first gold bar, we are now focussed on ramping up the operation to steady state production as we continue to build a long-life growth company in Red Lake.”.

Within the update PureGold said its plan is to also continue to pursue its aggressive growth strategy in 2021, with ongoing exploration drilling from both surface and underground, an update of mineral resources to include drilling completed over the last two years, and incorporation of significant improvements in mine design and mine plan.

The LSE listing of the share has moved slightly higher in EU trade but not as much as could have been expected. Much of the move could have been priced in as it was expected that the company would pour gold at the mine. Now the bulls will need to take out 177 to keep the run going but interestingly on the dip to 145 there was an impressive influx in volume to keep the price supported.

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