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West Red Lake Gold Poised for Production as Gold hits CAD $4,100 per Ounce
(TheNewswire) Vancouver, BC – TheNewswire - February 18, 2025 – Spons...
About this update from West Red Lake Gold Mines Ltd
[{"type":"text","content":"West Red Lake Gold Poised for Production as Gold hits CAD $4,100 per Ounce\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver, BC –\n \n\n TheNewswire\n-\n \n\n February 18, 2025 – Sponsored content\ndisseminated on behalf of West Red Lake Gold. On February 13, 2025,\nWest Red Lake Gold Mines (TSXV: WRLG) (OTCQB: WRLGF)\n \n provided\nan\n \n\n update on restart readiness\nactivities\n \n\n , including bulk sampling, mill start-up and\nunderground development.\n \n\n “We have\n \n 185 employees and 50\ncontractors currently active on site\n \n ,” reported Shane\nWilliams, President and CEO of WRLG in the February 13 press release.\n \n\n\n According to a conservative Pre-Feasibility Study\nreleased in January 2024, the Madsen mine will generate\n \n\n $70 million/year in free cash flow\n@USD$2,200/ounce\n \n\n gold ($700/ounce lower than the\ncurrent price).\n \n\n\n The update makes it clear that West Red Lake Gold is close to\nproducing gold at the Madsen Mine. Any resource company that goes into\nproduction has beaten long odds.\n \n\n “As someone who has spent more than forty years financing and\ncreating junior mining companies, I know full well what is involved in\nterms of risk, reward, heartache, and thrill,”\n \n\n wrote WRLG major shareholder Frank\nGiustra\n \n\n .\n \n\n It is instructive to compare mining investment success rates with\nthose in traditional forms of gambling.\n \n\n Over the long haul, the\n \n\n success rate of poker players is\n30%\n \n\n .\n \n\n At the roulette wheel the success rate\nis 5%\n \n\n , and for\n \n\n bettors at the horse track it’s only\n1%\n \n\n .\n \n\n The success rate of mineral exploration companies is even lower.\n \n\n “The likelihood of a discovery leading to a mine being developed is\nvery low,”\n \n\n confirms the World Gold\nCouncil\n \n\n .  “Less than 0.1% (1/1,000) of prospected sites\nwill lead to a productive mine.”\n \n\n It typically takes 10-15 years to put a gold project into production.\nWest Red Lake Gold is doing it in two years.\n \n\n\n\n\n\n\n Click Image To View Full Size\n \n\n\n In its quest to become a gold producer quickly to take advantage of\nthe strong gold market the team predicted was coming, WRLG gave itself\nan...