Restarting a Bankrupt Gold Mine: $1.2B Failure to Cash Flow

At The Rule Symposium at The Boca Raton Hotel in Florida, Shane Williams, President & CEO of West Red Lake Gold Mines Ltd. (TSXV: WRLG | OTCQB: WRLGF), outlined the company’s strategy to revitalize the Madson mine project, recently acquired from Pure Gold.

Williams expressed a positive outlook on the gold market, citing increased demand from Eastern countries and central banks. He provided insight into Pure Gold’s previous setbacks, attributing them to an overly aggressive, debt-driven approach and inadequate geological understanding.

West Red Lake’s approach contrasts sharply with its predecessor’s. The company aims to recommence production by 2025, prioritizing comprehensive geological work while capitalizing on the existing infrastructure. This measured strategy seeks to mitigate risks and ensure sustainable operations.

“We’re buying capital equipment already, we’re buying some equipment that the previous team didn’t buy. The plan would be early next year to start the ramp up, and full production mid-2025. So it’s really a quick return to cash flow,” Williams explained.


Not a recommendation to buy or sell securities. Always do additional research and consult a professional before purchasing a security. The Deep Dive and its affiliates hold no licenses.

Video Articles

Soma Gold: Q3 Earnings Impacted By Labour Strike

Thesis Gold: The Multi-Billion Dollar Lawyers-Ranch PFS

Why Canada Has So Few Projects That Can Be Built Before 2030 | Dan Wilton – First Mining

Recommended

First Majestic Begins Mine Planning Studies For Two Discoveries At Santa Elena, Names Mani Alkhafaji As President

Steadright To Begin Selling Stockpile Material From Historic Goundafa Mine

Related News

West Red Lake Gold Hits 6.27 g/t Gold Over 10.1 Metres

West Red Lake Gold Mines (TSXV: WRLG) released further assays this morning as it continues...
Tuesday, August 29, 2023, 09:02:03 AM

WRLG 2.0: Two Strong Assets, Cash, & A Legendary Mining Promoter

The Red Lake gold camp is like a never-ending treasure hunt in a vast, untamed...

Friday, April 21, 2023, 01:30:00 PM

Red Lake District: Home to High-Grade Gold Deposits and Great Bear Resources, a Gold Rush Catalyst

The Red Lake mining district in Northwestern Ontario is best known for its high-grade gold...

Sunday, July 12, 2020, 11:20:54 AM

Tariffs Spark New Race for Critical Metals | Rob McEwen

Rob McEwen of McEwen Mining (TSX: MUX) digs into the impact of copper tariffs and...

Wednesday, July 23, 2025, 02:19:00 PM

West Red Lake Gold Commences 2020 Drill Program

West Red Lake Gold (CSE: RLG) this morning announced that a 3,000 metre drill program...

Wednesday, June 17, 2020, 10:53:43 AM