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West Red Lake Gold (WRLG.V) Intersects 47.44 g/t Gold over 3.2 Meters in the South Austin Zone as Central Banks Purchase 42 Tonnes of Gold
(TheNewswire) December 7, 2023 – TheNewswire – Global Stocks News – In...
About this update from West Red Lake Gold Mines Ltd
[{"type":"text","content":"West Red Lake Gold (WRLG.V) Intersects 47.44 g/t Gold over 3.2 Meters in the South Austin Zone as Central Banks Purchase 42 Tonnes of Gold\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 December 7, 2023 – TheNewswire – Global Stocks News\n– In a press release dated December 5, 2023, West Red Lake Gold\nMines (TSXV:WRLG) (OTC:WRLGF) reported\n \n \n \n drill results from the South Austin\nZone\n \n \n \n at its 100% owned Madsen\nMine located in the prolific Red Lake Gold District of\nNorthwestern Ontario, Canada.\n \n \n \n \n The gold price today is CND $2,750/ounce. According to\nthe World Gold Council, in October, 2023\n \n \n \n central banks added 42 tonnes of\ngold\n \n \n \n to their official reserves.  That\ntonnage of gold is worth CND $3.7 billion.\n \n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n \n https://www.gold.org/goldhub/gold-focus/2023/12/central-banks-summer-buying-continues-october\n \n \n \n \n \n \n Source: IMF IFS, respective central banks, World\nGold Council\n \n *Data to 31 October 2023 where available.\n \n \n \n \n The Red Lake District has produced over 30 million\nounces of gold. WRLG’s 47 Km2 land package is 13 X bigger than\nNYC’s Central Park.\n \n \n \n \n At its peak, the asset was valued at over a billion\ndollars, 7X the current market cap of WRLG. In the spring of 2023,\nWRLG acquired the asset for $6.5 million cash, 28.5 million shares,\nwhile granting the seller a 1% Net Smelter Royalty.\n \n \n \n \n “I've never seen an acquisition this attractive,”\n \n \n \n stated Frank Giustra in this WRLG video\n \n \n \n . “The quality of the infrastructure here is absolutely\nperfect. It's first class. It's brand new. You couldn't create this\ntoday with less than $700 million. It would take you years, probably a\ndecade. It's like buying a new car you could walk into and you have\nthat new car smell.”\n \n \n \n \n The company’s flagship asset -\n \n \n The Madsen Gold Mine\n \n \n – is debt free, fully permitted, with a brand-new 800+ tonne per day\nmill, a tailings and water treatment facility.\n \n \n [\n \n \n \n 1\n \n \n \n ]\n \n \n \n \n \n \n \n \n Click Image To View F...