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Red Lake Madsen Mine Ltd LRTNF

Metals & Mining Gold
Pure Gold Mining Inc is a gold mining company, located in the heart of Red Lake, Ontario, Canada. Its vision is pure and simple, to build a profitable, multi-generational growth company in the world-class gold mining district of Red Lake. With 100%-owned, fully constructed operating PureGold Mine, a multi-million-ounce gold endowment, and significant exploration upside, the company's value-maximizing strategy is to pursue operational excellence, while investing in systematic exploration and phased expansions to fuel discovery and growth for the future.


GREY:LRTNF - Post by User

Red Lake Madsen Mine Ltd > Could PGM go belly up?
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Comment by Megamisteron Aug 18, 2021 2:06pm
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Post# 33724441

RE:RE:Could PGM go belly up?

RE:RE:Could PGM go belly up?Goldlocator...

I agree wholeheartedly that PGM is NOT  Rubicon 2.0.  However I do not believe, as you suggest, Rubicon's shutdown of operations was solely a permitting issue.

"Shortly after mine startup and due to "an erroneous resource calculation", gold estimates for the Phoenix mine dropped (were adjusted) from 3.3 million oz of gold to 413,000 oz of gold. This revelation, along with the Company's admission (excuse) of a "geologically challenging underground environment" led to a halt in all underground activity with workers being laid off and the Company filing for creditor protection"

 "Erroneous resource calculations" AND a "geologically challenging underground environment" were Rubicon's downfall. Rubicon rushed into operations without sufficient drilling results to support (validate?) the start of operations. 

Regarding Evolution Mining, there is a strong belief (concensus?) that Evolution bought Battle North (formerly Rubicon) for it's milling infrastructure and capabilities moreso than for it's land claims/holdings.    

Regards...

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