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Pure Gold Mining, Wabauskang First Nation and Lac Seul First Nation Sign Project Agreement for Madsen Red Lake Mine

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Pure Gold Mining Inc. (PGM – TSX-V), Wabauskang First Nation, and Lac Seul First Nation are pleased to announce the signing and implementation of a Project Agreement  with respect to Pure Gold’s Madsen Red Lake  Mine located in Red Lake, Ontario. This Agreement establishes a long-term, mutually-beneficial partnership between Pure Gold and the First Nations.

 

Under the terms of the Agreement, Pure Gold acknowledges and respects the rights, history and interests that both the Wabauskang First Nation and the Lac Seul First Nation have in the region surrounding Madsen.  In turn both First Nations acknowledge and support Pure Gold’s rights and interests in the development and future operation of Madsen. The Agreement provides for communication, cooperation, and collaboration between the First Nations and Pure Gold, and establishes a framework for support for current and future operations of the Madsen Red Lake Mine and defines the long-term benefits for the First Nations.

 

A traditional signing ceremony and celebration are planned to be held in the coming weeks.

 

Highlights of the Project Agreement include:

 

  • Confirms the First Nations collaboration with Pure Gold in support of the operational permitting process for the Project and all subsequent regulatory authorizations;
  • Establishes a foundation for employment opportunities, direct contracting opportunities, and Pure Gold’s commitment and support for education and training initiatives;
  • Confirms Pure Gold’s commitment to sustainable development, to protecting the environment, and direct support for environmental monitoring;
  • Provides for the issuance of 500,000 shares of Pure Gold to each First Nation subject to regulatory approval; and,
  • Establishes future financial contributions by Pure Gold commensurate with production.

 

Chief Doug Riffel of Wabauskang First Nation commented, “We believe our People recognized the wealth of our Nation when we signed our Treaty and did so in the spirit of sharing. The signing of this agreement with Pure Gold recognizes our inherent rights, provides for ongoing informed consent and the sharing of the benefits from economic activity within our territory. We look forward to a long lasting, respectful and beneficial relationship with our partners, Lac Seul First Nation and Pure Gold.

 

Chief Derek Maud added, “Lac Seul First Nation is pleased to be signing this agreement and participating in the success of the Madsen Red Lake Mine.  We believe the opportunities created by this Project will be realized in a sustainable manner that benefits all communities and will bring economic prosperity to the region.”

 

“We are very excited to be formalizing this agreement today,” stated Darin Labrenz, President and CEO of Pure Gold.  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.”

 

About Wabauskang First Nation

 

Wabauskang First Nation is an Anishinaabe community. A signatory to Treaty 3, Wabauskang is the most northern community in the Treaty 3 territory. Wabauskang’s community and reserve lands are located approximately 100 kilometres south of Red Lake, Ontario. Wabauskang is committed to the protection of Mother Earth, sharing the benefits of the land and creating opportunities for future generations.

 

About Lac Seul First Nation

 

Lac Seul is located approximately 38 kilometres northwest of Sioux Lookout. The Lac Seul First Nation has a large population and land base, which is bounded to the north and the east by the northeastern boundary of Treaty 3 territory. The First Nation is made up of four communities: Kejick Bay, Canoe River, Whitefish Bay, and Frenchman’s Head. The Lac Seul First Nation is the oldest First Nation in the Sioux Lookout District of INAC. The reserve was established pursuant to Treaty 3, through adhesion in 1874.

 

About Pure Gold Mining:

 

Pure Gold is a Canadian focused gold developer. It has recently released the feasibility study for its flagship project, the Madsen Red Lake Mine, which outlines a 12 year mine life, current probable reserves of one million ounces at 9 g/t Au in 3.5 million tonnes, an 800 tonne per day underground mining operation with comparatively low initial capital cost and strong financial performance. In addition, exploration targets and satellite resources not considered in the feasibility study suggest potential opportunities for near-term growth. 

 

Posted July 29, 2019

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