Business
West Red Lake Gold Mines Completes Acquisition of Madsen Gold Project and Appoints Tony Makuch to Board of Directors
VANCOUVER, British Columbia, June 19, 2023 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF)
About this update from West Red Lake Gold Mines Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, June 19, 2023 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to announce that it has completed the acquisition (the “Acquisition”) of the Madsen Gold Project through the acquisition of all of the outstanding shares of Pure Gold Mining Inc. (“PGM”). The Acquisition was completed on June 16, 2023 pursuant to the Approval and Reverse Vesting Order granted (the “Order”) in PGM’s proceedings under the Companies’ Creditors Arrangement Act. The Order approved the transactions contemplated in the Share Purchase Agreement entered into between the Company, PGM and a fund managed by Sprott Resource Lending Corp. dated May 17, 2023. “The Company’s acquisition of the Madsen Gold Project includes a fully permitted underground gold mine with an estimated resource of 1.65M oz in the Indicated category and a high-quality mill facility. Combined with the high-grade Rowan gold resource located west of Madsen, the Company will continue to expand and infill its mineral resources and work to de-risk and grow these assets located in one of Canada’s most iconic gold camps,” said Shane Williams, President and CEO of West Red Lake Gold Mines. TONY MAKUCH JOINS THE BOARD OF DIRECTORS Mr. Makuch has over 35 years of mining industry experience, is the CEO and Director of Discovery Silver Corp and was previously President, CEO and Director of Kirkland Lake Gold Ltd. During his five-year tenure as CEO of Kirkland Lake, Mr. Makuch led the transformation of the company, with annual gold production increasing from 315,000 oz to over 1,400,000 oz, the market capitalization of the company increasing from approximately C$1 billion to over C$13 billion and Kirkland's share price increasing over 530%. These milestones were achieved through two successful acquisitions, industry-leading operational performance and significant exploration success and ultimately culminated in Kirkland's merger with Agnico Eagle Mines Limited in 2022. Prior to joining Kirkland, Mr. Makuch was President and CEO at Lake Shore Gold Inc., from 2008 until its acquisition by Tahoe Resources Inc. in 2016, when he became the Executive Vice-President and President of Canadian Operations. From 2006 to 2008 Mr. Makuch was Senior Vice President and Chief Operating Officer for FNX Mining Com...