WRLG Outlines Gold Production Plans at Kinvestor Conference At the recent 2nd Annual Kinvestor Day Conference, Gwen Preston, VP of Communications at West Red Lake Gold Mines (Ticker: WRLG.v or WRLGF for US investors), highlighted the company's focus on the Madsen Gold Mine and how it plans to start gold production in 2025.
The mine boasts existing infrastructure, including an 800-tpd mill and a tailings facility, complemented by prior investments totaling $350 million and an additional $80 million from WRLG.
Preston explained the strategic vision laid out by company leaders like billionaire Frank Giustra and CEO Shane Williams, emphasizing the importance of production growth during the expected gold bull market.
The team's experience in mine construction supports this approach, aiming to transition the mine from capital-intensive development to profitable gold production.
According to WRLG's current estimate, Madsen holds 1.7 million indicated ounces at 7.4 g/t gold and an additional 0.4M oz Au at 6.3 g/t inferred.
Preston addressed challenges that impacted the mine’s previous operator, Pure Gold, including inadequate definition drilling and inefficient mining practices.
WRLG’s strategy has included 43,000 meters of definition drilling, narrowing drill spacing to 6 meters for precise orebody mapping.
Recent milestones include a key derisking step, namely the closure of a $68 million financing package, composed of a $35 million debt facility and a $27 million bot deal, securing funds needed for production.
Preston projected key catalysts like the upcoming pre-feasibility study and the formal mine restart decision, emphasizing WRLG's robust plan to leverage its experienced team and high-grade asset to enhance shareholder value and position itself as a competitive player in a strong gold market, with potential future acquisitions on the horizon.
Full presentation here:
Posted on behalf of West Red Lake Gold Mines Ltd.