Name of the Project
Madsen gold project restart.

Location
Red Lake mining district of Ontario, Canada.

Project Owner/s
Minerals exploration and development company West Red Lake Gold Mines.

Project Description
Madsen is a fully permitted gold mine, situated on top of highly prospective exploration targets in a world-class gold district.

The project has total indicated resources estimated at 6.9-million tonnes grading 7.4 g/t gold, and inferred resources estimated at about 1.82-million tonnes grading 6.3 g/t gold.

The project consists of an 800 t/d mill, an underground mine, a tailings facility and water treatment plant.

Potential Job Creation
The Madsen mine’s workforce has increased by 48 people, with several leadership positions filled. 

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
More than C$350-million has been invested to date.

Planned Start /End Date
A targeted restart date has been set at 2025.

Latest Developments
West Red Lake has restarted milling operations, marking a significant step towards production as gold prices trade at record levels.

The miner has said the mill, which had been in dry shutdown for 28 months, resumed processing low-grade material on March 10 without operational issues. The facility has started processing bulk sample material from Stope 1 as part of a staged restart.

The company has ramped up underground development, with the pace increasing from 20 m/d in January to 23.8 m/d in February. The connection drift is now 94% complete, with only 84 m remaining, the company has said. A diamond drill rig has confirmed the alignment between the two advancing faces.

West Red Lake has also inaugurated a new 114-person workforce accommodation facility, which is now housing workers. 

In a separate development, the company has drawn an additional $7.5-million from the second tranche of its $35-million credit facility with Nebari Natural Resources Credit Fund II. The funds will support remaining capital costs for the mine restart and other corporate and exploration expenses. 

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
West Red Lake Gold Mines, tel +1 604 609 6132 or email investors@wrlgold.com.