Pure Gold Mining said today it applied for creditor protection.
PureGold is a Canadian gold mining company, with operations located in Red Lake, Ontario, Canada. The company owns and operates the PureGold Mine, which began gold production in 2021. PureGold announced a strategic review this summer after cost over runs and management churn in the spring. Last week the company's operations were put under care and maintenance.
"After careful consideration of PureGold’s cash position, scheduled debt payments, forecast revenue and expenses, all available alternatives to an application for creditor protection, and following thorough consultation with legal and financial advisors, the board of directors of the Company has determined that it is in the best interests of PureGold and all of its stakeholders to file an application for creditor protection under the CCAA," wrote the company today.
