Pure Gold Signs Agreement With First Nations Near Madsen Red Lake Mine

(Alliance News) - Pure Gold Mining Inc on Monday announced an agreement with two indigenous ...

Alliance News 29 July, 2019 | 11:45AM
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(Alliance News) - Pure Gold Mining Inc on Monday announced an agreement with two indigenous nations for the Madsen Red Lake gold project in Ontario, Canada.

The agreement has been signed with the Wabauskang First Nation and the Lac Seul First Nation, with Pure Gold acknowledging their rights and history in the region. In return, the First Nations have acknowledged Pure Gold's interest via the Madsen mine.

The First Nations will support the permitting process for the project, while Pure Gold has set up a foundation to provide employment and support to them, and also has issued 500,000 shares to each First Nation.

With shares worth 42.00 pence in London on Monday, up 7.7%, the 500,000 shares are worth GBP210,000 to each First Nation.

Pure Gold Chief Executive Darin Labrenz said: "We are very excited to be formalizing this agreement today. The establishment of a long-term partnership with the support and participation of the Wabauskang First Nation and Lac Seul First Nation is key to the successful development of the Madsen Red Lake mine.

"This agreement demonstrates Pure Gold's commitment to developing mutually beneficial and cooperative relationships, and establishing long-term benefits for the communities of Wabauskang and Lac Seul."

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Pure Gold Mining Inc 44.50 GBX -3.26 -
Pure Gold Mining Inc 0.77 CAD 1.32 -

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