Pure Gold Mining Raises $5.0 Million From the Exercise of Share Purchase Warrants
August 18 2020 - 6:30AM
Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR)
(“
PureGold” or the “
Company”) is
pleased to announce that Anglogold Ashanti has exercised 5,036,250
share purchase warrants with a strike price of $0.85 (the
“
Warrants”), investing an additional $5.0 million
into the Company.
“Anglogold Ashanti have once again demonstrated
their strong support of PureGold as we complete construction and
prepare for first gold pour at our PureGold Mine,” says Darin
Labrenz, President and CEO. “This latest investment increases their
shareholding in PureGold to 16%, maintaining their position as our
single largest shareholder. As one of the cornerstone
investors in PureGold, Anglogold Ashanti have supported us through
all phases of the development of our PureGold Mine, from discovery
to near term production. We would like to thank Anglogold
Ashanti for being a key part of the PureGold story and for sharing
our vision for discovery, resource growth and building a long-life
growth company in the Red Lake mining district.”
The Company currently has approximately $74
million in cash, along with $US35M available in an undrawn credit
facility. To date, 95% of major equipment procurement is
complete and the Company has committed approximately 64% of capital
expenditures. With approximately $120 million available in
funding, and $72 million remaining on capital expenditure, the
Company is in a solid financial position to complete the Pure Gold
Mine construction while concurrently advancing our growth strategy
through an aggressive exploration program.
About Pure Gold Mining Inc.The
PureGold Mine, located in the heart of Red Lake Ontario, is
Canada’s next gold mine. Fully funded, the project is on
track to deliver near term gold production into a rising Canadian
gold price environment, with first gold pour scheduled for late
2020. The orebody is situated within a seven-kilometre-long gold
system that is wide open for expansion at depth and along strike,
and multiple discoveries by the Company suggest potential
opportunities for near-term growth.
Additional information about the Company and its activities may
be found on the Company’s website
at www.puregoldmining.ca and under the Company’s profile
at www.sedar.com.
ON BEHALF OF THE BOARD"Darin
Labrenz"
Darin Labrenz, President & CEO
Investor inquiries: Adrian O’Brien, Director of
Marketing & Communications Direct: 604-809-6890Office:
604-646-8000 x223info@puregoldmining.ca
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
All statements in this press release, other than
statements of historical fact, are "forward-looking information"
with respect to PureGold within the meaning of applicable
securities laws, including, but not limited to statements with
respect to those that address proposed timing of development plans
for the PureGold Red Lake Mine (RL Mine Project), timing of
expected production, timing of exploration activities, expected
capital costs, expected development schedule, potential for
advancing the timing for higher grade ore, potential for additional
resources and expansion of known deposits and the focus of the
Company in the coming months. Forward-looking information is often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "planned", "expect", "project",
"predict", "potential", "targeting", "intends", "believe",
"potential", and similar expressions, or describes a "goal", or
variation of such words and phrases or state that certain actions,
events or results "may", "should", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking information
is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the
statements are made including, among others, assumptions about
future prices of gold and other metal prices, currency exchange
rates and interest rates, favourable operating conditions,
political stability, obtaining governmental approvals and financing
on time, obtaining renewals for existing licences and permits and
obtaining required licences and permits, labour stability,
stability in market conditions, availability of equipment, accuracy
of any mineral resources, successful resolution of disputes and
anticipated costs and expenditures. Many assumptions are based on
factors and events that are not within the control of PureGold and
there is no assurance they will prove to be correct.
Such forward-looking information, involves known
and unknown risks, which may cause the actual results to be
materially different from any future results expressed or implied
by such forward-looking information, including, risks related to
the interpretation of results at the RL Mine Project; changes in
project parameters as plans continue to be refined; current
economic conditions; future prices of commodities; possible
variations in grade or recovery rates; the costs and timing of the
development of new deposits; failure of equipment or processes to
operate as anticipated; the failure of contracted parties to
perform; the timing and success of exploration activities
generally; delays in permitting; possible claims against the
Company; the timing of future economic studies; labour disputes and
other risks of the mining industry; delays in obtaining
governmental approvals, financing or in the completion of
exploration as well as those factors discussed in the Annual
Information Form of the Company dated March 26, 2020 in the section
entitled "Risk Factors", under PureGold’s SEDAR profile at
www.sedar.com.
Although PureGold has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
PureGold disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise unless required by law.
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