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December 27, 2023 – TheNewswire – Global Stocks News – West Red Lake Gold Mines (TSXV:WRLG) (OTC:WRLGF) CEO Shane Williams has sent an End of Year address to WRLG shareholders.
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“As 2023 comes to an end, I wish to thank all West Red Lake Gold (WRLG.V) shareholders for joining us on our quest to create a major gold producer in Canada. Your support and faith in our path forward are greatly appreciated.
The macro setup for gold has never been better. In October, 2023 central banks added 42 tonnes of gold to their official reserves. Governments around the world are losing confidence in fiat currency. Recent talk of an interest rate pivot by the Fed is bullish for bullion. Only 1% of global financial assets are currently invested in gold. If that goes to 2%, the price of gold is likely to increase.
We believe the best way to create leverage to the rising gold price is to rapidly develop and grow a major gold mining company using a proven buy-and-build strategy.
To build a profitable gold mining company, you need five elements: 1. rich mineral assets, 2. a favorable mining jurisdiction, 3. a talented team, 4. a powerful board of directors, 5. financial backers who believe in your vision. We have all five elements in place.
2023 has been a transformational year for West Red Lake Gold.
In April 2023 we completed the 100% acquisition of the Rowan Gold Project from Evolution Mining (EVN.ASX) which gave us the foothold in the Red Lake camp in Ontario. The Red Lake District has produced over 30 million ounces of gold. This is where we want to be.
When we purchased Rowan, it had over 800,000 ounces of high-grade gold already defined as a resource. The results of the 2023 Rowan drill program have exceeded expectations - including the highest grade intercept ever drilled across the Rowan Property with 70.8 grams/tonne gold over 8.3 meters. The program was expanded from 17,000 meters to 25,000 meters.
In June 2023 we finalized the acquisition of The Madsen Gold Mine for $6.5 million cash, 28.5 million shares, while granting the seller a 1% Net Smelter Royalty. [1.]
By any reasonable metric, this was a savvy purchase. Jay Martin calls it “the deal of the decade”. The asset had over CAD $350 million spent on it. It was once valued at $1 billion.
The Madsen Gold Mine is debt free, fully permitted, with a brand-new 800+ tonne per day mill, a tailings and water treatment facility. [2]
Our geological, engineering, and financial teams are currently optimizing operations.
The initial drilling at Madsen has returned high-grade intercepts. More drill results are coming. Before restarting production, there is a lot more work to do – completing infill and expansion drilling, underground development, engineering studies, a PEA and PFS. Our team is laser-focused on two main objectives: 1. technical de-risking, 2. building metal inventory through aggressive exploration.
By October 2023 we had completely revitalized the Management & Board teams of West Red Lake Gold. Our management team has an impressive track record in exploration, discovery, development and operations. Our board is a who’s-who of the Canadian mining industry. The collective experience and talent of our Management & Board teams adds significant value to our project. [3]
We are fortunate to have the financial backing of Frank Giustra and his team. They have built many successful resource companies. His guidance and experience, as well as his support as a major shareholder, has been invaluable.
This year we have raised CDN $46.7 million to fund our operations in extremely challenging gold equity markets. Our ability to raise capital is an envy of our peers.
I grew up in Clonmel, Ireland – a town of 17,000 people. I started working as a “gopher” in my father’s quarry business, producing limestone from rock. Although it was a small operation, the moving parts would be familiar to any miner: permits, geologists, bulldozers, trucks, ramps, accounts receivable etc. I observed early on that the success of any business depends on the quality of the team, the team’s belief in the vision of the company, and its ability to achieve critical objectives.
WRLG is succeeding because of our talented hardworking employees, our backers, our board, and the loyal shareholders who believe in our vision.
I’m honored to be the CEO of West Red Lake Gold. The job is full of challenges, excitement, and opportunities. I am learning every day. Each member of our team is focused on building a profitable gold mining company which will create wealth for all our stakeholders.
A heartfelt thank you to everyone for your support, we look forward to an exciting 2024.”
References
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WEST RED LAKE GOLD MINES COMPLETES ACQUISITION OF MADSEN GOLD PROJECT https://westredlakegold.com/west-red-lake-gold-mines-completes-acquisition-of-madsen-gold-project-and-appoints-tony-makuch-to-board-of-directors/
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SRK Consulting. (2021). Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada (West Red Lake Gold Mines, Ed.) [Review of Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada]. SRK Consulting. West Red Lake Gold Drills 70.80 g/t Au over 8.3 m Including 1,120.19 g/t Au over 0.5 m at Rowan Property
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West Red Lake Gold Strengthens Management Team https://westredlakegold.com/west-red-lake-gold-strengthens-management-team/
guy.bennett@globalstocksnews.com
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