West Red Lake Gold Mines Ltd V.WRLG.WT.A

WRLG Closes US $22,340,000 Gold Linked Notes Offering

[MarketMakerss]

Today, West Red Lake Gold Mines (WRLG.v WRLGF) announced the closing of a US$22,340,000 gold-linked notes offering which will be allocated toward the continued development of a restart plan for the Madsen Gold Mine.

 

In joining TokStocks, WRLG CEO Shane Williams provided insight into to company and its flagship Madsen Mine in Ontario's Red Lake Gold District: https://twitter.com/TokStocks/status/1770478817024344101.

 

Focused on maximizing exploration dollars and building high-grade and high-confidence ounces to de-risking its deposit, WRLG is executing its plan to restart the debt-free and fully permitted Madsen Gold Mine and its $350 million 800+ tonne per day mill.

 

Deemed the "deal of the decade" by Jay Martin, WRLG's acquired the Madsen Gold Mine for only US$6 despite its previous valuation of over a billion dollars, about 8x the current market cap of WRLG.

 

Hosting a NI 43-101 Indicated resource of 1.65M oz of gold grading 7.4 g/t Gold and an inferred resource of 0.37Moz of gold grading 6.3g/t, Madsen additionally has a $273 million tax write-off, thus the first $273 million in profits will be tax-free.

 

WRLG's current focus at the deposit is the South Austin Zone which currently contains an indicated mineral resource of 474,600 oz grading 8.7 g/t Au and an inferred resource of 31,800 oz grading 8.7 g/t Au.

 

Focused on understanding the underlying geology of the asset ahead of restarting the mill, WRLG is conducting additional drilling to de-risk the deposit and hit recently hit high-grade intercepts with visible gold showing including 25.12g/t Au over 5.5m, 39.46 g/t Au over 2m and 18.60 g/t Au over 4m at the zone.

 

On track for significant expansion, WRLG's co-founder, major shareholder and strategic investor, Frank Giustra, is a major leader for the cashed-up, high-grade and near-term gold producer.

 

Full News Release: https://westredlakegold.com/west-red-lake-gold-closes-us22340000-of-gold-linked-notes-offering/

 

Posted on Behalf of West Red Lake Gold Mines Ltd.