Pure Gold Mining Posted Exceptional Gold Recovery

SEATTLE (Scrap Monster): Pure Gold Mining Inc. reported significant progress on ramp-up at its PureGold Mine. The company achieved significant milestones as at the end of Q1 2021.

According to company press release, the milling facility has been operating at more than 75% of nameplate capacity. The facility has reported multiple consecutive days at greater than 800 tpd. The peak daily throughput stood at 897 tpd. The gold recoveries during the ramp-up period averaged at around 95%, very much in line with expectations. The company is currently focused on aligning the mill throughput with the rate of ore production from underground.

Pure Gold Mining has entered into a binding letter agreement on amending the original credit agreement to provide for an increase to the aggregate principal amount of debt of up to US$20 million. Accordingly, a sum of $12.5 million will be made available upon closing, with the balance to be available upon satisfaction of certain conditions.

Darin Labrenz, President & CEO of PureGold announced that the additional $12.5 million will ensure that it continues its ramp-up phase with maximum financial flexibility. The remaining $7.5 million will provide additional liquidity, which will be accessed if needed.

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