OTCPK:PGMFF - Post by User
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AndreasZon Apr 06, 2021 11:43am
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Post# 32941672
“PureGold has all the attributes I look for in a Company"
“PureGold has all the attributes I look for in a Company" VANCOUVER, British Columbia, May 20, 2020 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSXV:PGM, LSE:PUR) ("PureGold" or the "Company") is pleased to announce that it has agreed to issue, on a non-brokered private placement basis, 9,868,421 charity flow through common shares of the Company (the “FT Shares”) at a price of $1.52 per FT Share (the “Financing”), for gross proceeds to PureGold of $15,000,000. Mr. Eric Sprott has agreed to be the back-end buyer of all of the FT Shares.
“PureGold has all the attributes I look for in a Company - location, grade, size and growth,” said Eric Sprott. “PureGold’s mine in Red Lake has over 7km of strike with known high grade shoots that have only been defined down to 1,200 metres compared to 2,500 metres in the neighbouring Red Lake mine complex. The ultra-high grade hits in the 8 zone remind me a lot of the HG Zone that built Goldcorp, as well as SMC at Macassa and the Swan Zone at Fosterville. These are the types of discoveries that have the potential to be company makers and tend to lead to a much higher production profile than originally given credit.”
“Mr. Sprott is a cornerstone investor of PureGold and continues to be a strong supporter of our vision to becoming a high margin, long-life gold producer uniquely positioned in the Red Lake camp,” said Darin Labrenz, President & CEO of PureGold. “We are fully funded and on-track to pour our first gold in Q4 2020 into a record high gold price environment for Canadian producers. This new investment in exploration enables us to concurrently ramp up our focus on aggressive resource growth without impacting our capital budget for final mine completion and first gold pour. We believe this combination of near-term cash flow through production and organic resource growth will create significant value for our shareholders in the near term.”