Pure Gold Mining (TSX-V:PGM, LSE:PUR) said today it is postponing guidance until August to better forecast the mine's near-term production.
The company also announced a strategic review.
Mark O’Dea, President & CEO of PureGold, said he is committed to the mine being cash-flow positive this year. In April O'Dea took over as interim CEO to implement a business turnaround.
“We have initiated a strategic review process to explore potential alternatives for maximizing shareholder value and generating the financial strength to allow the PureGold Mine to achieve its potential," said O’Dea. "We remain focused on achieving positive site-level cash flow by Q3 2022, and delivering an updated NI 43-101 Technical Report and Life of Mine plan by Q4 2022. If we can maximize the value of the mine, we can also maximize value for our stakeholders, including but not limited to our shareholders, employees, and the local communities surrounding Red Lake.”
