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Pure Gold Mining Inc. (PGM.V)

TSXV - TSXV Real Time Price. Currency in CAD
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2.2000-0.1000 (-4.35%)
At close: 3:59PM EDT
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Previous Close2.3000
Open2.3000
Bid2.2000 x N/A
Ask2.2100 x N/A
Day's Range2.1500 - 2.3000
52 Week Range0.3800 - 2.7900
Volume913,442
Avg. Volume992,841
Market Cap867.007M
Beta (5Y Monthly)1.33
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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Press Releases
  • GlobeNewswire

    Pure Gold Mining Raises $5.0 Million From the Exercise of Share Purchase Warrants

    Anglogold Ashanti invests additional $5.0 Million and Increases Ownership to 16%VANCOUVER, British Columbia, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR) (“PureGold” or the “Company”) is pleased to announce that Anglogold Ashanti has exercised 5,036,250 share purchase warrants with a strike price of $0.85 (the “Warrants”), investing an additional $5.0 million into the Company. “Anglogold Ashanti have once again demonstrated their strong support of PureGold as we complete construction and prepare for first gold pour at our PureGold Mine,” says Darin Labrenz, President and CEO. “This latest investment increases their shareholding in PureGold to 16%, maintaining their position as our single largest shareholder.  As one of the cornerstone investors in PureGold, Anglogold Ashanti have supported us through all phases of the development of our PureGold Mine, from discovery to near term production.  We would like to thank Anglogold Ashanti for being a key part of the PureGold story and for sharing our vision for discovery, resource growth and building a long-life growth company in the Red Lake mining district.”The Company currently has approximately $74 million in cash, along with $US35M available in an undrawn credit facility.  To date, 95% of major equipment procurement is complete and the Company has committed approximately 64% of capital expenditures.  With approximately $120 million available in funding, and $72 million remaining on capital expenditure, the Company is in a solid financial position to complete the Pure Gold Mine construction while concurrently advancing our growth strategy through an aggressive exploration program.   About Pure Gold Mining Inc. The PureGold Mine, located in the heart of Red Lake Ontario, is Canada’s next gold mine.  Fully funded, the project is on track to deliver near term gold production into a rising Canadian gold price environment, with first gold pour scheduled for late 2020. The orebody is situated within a seven-kilometre-long gold system that is wide open for expansion at depth and along strike, and multiple discoveries by the Company suggest potential opportunities for near-term growth. Additional information about the Company and its activities may be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com. ON BEHALF OF THE BOARD "Darin Labrenz"                                   Darin Labrenz, President & CEOInvestor inquiries: Adrian O’Brien, Director of Marketing & Communications Direct: 604-809-6890 Office: 604-646-8000 x223 info@puregoldmining.caNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to PureGold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address proposed timing of development plans for the PureGold Red Lake Mine (RL Mine Project), timing of expected production, timing of exploration activities, expected capital costs, expected development schedule, potential for advancing the timing for higher grade ore, potential for additional resources and expansion of known deposits and the focus of the Company in the coming months. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of PureGold and there is no assurance they will prove to be correct.Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the RL Mine Project; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; the timing of future economic studies; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 in the section entitled "Risk Factors", under PureGold’s SEDAR profile at www.sedar.com.Although PureGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. PureGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

  • GlobeNewswire

    PureGold Resumes Operations at Site

    VANCOUVER, British Columbia, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR) (“PureGold” or the “Company”) is pleased to report that the forest fire which had been active in the area south of the town of Red Lake is now under control and the evacuation order for the municipality of Red Lake has been rescinded. Power and access has been restored to site and the Company is transitioning to a full resumption of mine activities.  Both surface and underground inspections have been completed and confirm that there is no damage to infrastructure or equipment at the mine site. The temporary shut down had no material impact on our development schedule with first gold pour expected in Q4 2020.“The immediate response and tireless efforts of the Ministry of Natural Resources and Forestry contained the fire, protecting the people, homes, businesses and vital infrastructure of the community. On behalf of PureGold’s Board and Executive Management team, I would like to extend our sincere gratitude to all who worked so hard to protect the community,” says Darin Labrenz, President and CEO. “We would also like to thank and commend our staff and contractors, for their steadfast cooperation and for working together to keep everyone and everything safe.”About Pure Gold Mining Inc. The PureGold Red Lake Mine is Canada’s next gold mine.  Fully funded, the project is on track to deliver near term gold production into a rising Canadian gold price environment, with first production scheduled for late 2020. The orebody is situated within a seven-kilometre-long gold system that is wide open for expansion at depth and along strike, and multiple discoveries by the Company suggest potential opportunities for near-term growth.  Additional information about the Company and its activities may be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com.ON BEHALF OF THE BOARD "Darin Labrenz"                                   Darin Labrenz, President & CEOInvestor inquiries: Adrian O’Brien, Director of Marketing & Communications Direct: 604-809-6890 Office: 604-646-8000 x223 info@puregoldmining.caNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to PureGold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address proposed timing of development plans for the PureGold Red Lake Mine complex, timing of expected production, timing and size of exploration activities,  expected development rates and schedule, timing of permits, potential for advancing the amount and timing for higher grade ore, potential for additional resources and expansion of known deposits and potential for making new discoveries and the focus of the Company in the coming months . Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of PureGold and there is no assurance they will prove to be correct.Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Pure Gold Red Lake Mine complex; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration and development activities generally; delays in permitting; possible claims against the Company; the timing of future economic studies; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 in the section entitled "Risk Factors", under PureGold’s SEDAR profile at www.sedar.com.Although PureGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. PureGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

  • GlobeNewswire

    Pure Gold Reports Second Quarter Financial Results and Grants Deferred Share Units

    VANCOUVER, British Columbia, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR) (“Pure Gold” or the “Company”) is pleased to announce that its unaudited condensed interim consolidated financial statements (“Financial Statements”) for its second quarter ended June 30, 2020 and the accompanying Management’s Discussion and Analysis are available for download on the Company’s website at www.puregoldmining.ca and under the Company’s SEDAR profile at www.sedar.com.Financial and Operating Highlights for the quarter and to date:During the three months ended June 30, 2020 and up to the date of this MD&A, the Company significantly advanced activities at its 100%-owned Pure Gold Red Lake Mine Project (“RL Mine Project” or the “Project”). A summary of the highlights for the three months ended June 30, 2020 and subsequent period to date are as follows: * Receipt of Amended Environmental Compliance Approval (“ECA”) – Air and NoiseDuring the quarter, the Company received the first of three significant amended permits / approvals for the RL Mine Project. The Ontario Ministry of the Environment, Conservation and Parks (MECP) has approved and issued an Amended Environmental Compliance Approval (“ECA”) for Air and Noise for the Project.The amended ECA sets out operating conditions relating to air and noise emissions for the PureGold mining and milling operations, including all ancillary and support processes and activities, at a Production Limit of up to 1,089 tonnes of gold ore processed per day.The company now awaits amendment of the Industrial Effluent permit (ECA Industrial Sewage Works). Initial regulatory review is complete, and the Company has applied for an expedited approval of this permit amendment.The Company has also filed its Closure Plan amendment and is awaiting approval before posting the necessary financial assurance. * Development of the RL Mine Project continues The development of the RL Mine Project is continuing at a rapid pace.  Engineering is substantially complete and drawing packages have been issued for the majority of engineering components.  The procurement of major equipment 95% complete, and the Company remains on track to bring first ore to the mill before year-end. * Completed flow through share financing to allow for the continuation of exploration drillingOn June 17, 2020 PureGold announced that it closed a non-brokered private placement of 9,868,421 common shares of the Company that qualified as “flow-through shares” for the purposes of the Income Tax Act (Canada) (the “FT Shares”)  at a price of $1.52 per FT Share, for gross proceeds to PureGold of $15,000,000. Subsequent to the private placement, Mr. Eric Sprott was the back-end buyer of all of the FT Shares, increasing his ownership position in the Company to 11.9%.The Company commenced a 33,600 metre diamond drill program to expedite the growth of mineral resources and aggressively expand new high-grade discoveries.  The program includes 28,200 metres of surface drilling targeting Wedge and other regional exploration targets to satisfy its flow through share obligations, as well as 5,400 metres of underground exploration drilling. In addition, the Company will perform a 2D seismic survey over the North Madsen / Derlak claims and over the 8-Zone. * Raised $13.5 million from the exercise of share purchase warrantsDuring the quarter and subsequent to quarter end, PureGold raised approximately $13.5 million from the exercise of share purchase warrants with a strike price of $0.85 (the “Warrants”), representing 100% of the Warrants that otherwise would have expired May 24, 2020 and partial exercise of Warrants expiring July 18, 2022.The Company remains fully funded through construction of the RL Mine. * Announced significant results from underground drillingIn July 2020, PureGold announced that underground exploration drilling, initiated in June, intersected high-grade gold mineralization from both infill and step-out drill holes. Drilling has extended gold mineralization out from planned stopes, has discovered new gold zones that will be integrated into the mine plan, and has confirmed stopes scheduled for near term production.1Drilling results highlights1: * 46.7 g/t gold over 7.0 metres from drill hole PGU-0118; including 193.5 g/t gold over 1.0 metre; * 57.0 g/t gold over 1.0 metre from drill hole PGU-0121; * 15.8 g/t gold over 2.3 metres from drill hole PGU-0117; * 7.2 g/t gold over 5.0 metres from drill hole PGU-0113; including 22.3 g/t gold over 1.0 metre; * 12.8 g/t gold over 10.0 metres from drill hole PGU-0136; including 20.1 g/t gold over 5.0 metres; * 9.3 g/t gold over 2.4 metres from drill hole PGU-0123; including 16.2 g/t gold over 1.1 metres; and * 10.6 g/t gold over 2.0 metres from drill hole PGU-0124;Selected Financial DataThe following selected financial data is derived from our Financial Statements and related notes thereto for the periods indicated, as prepared in accordance with International Financial Reporting Standards. Details of these results are described in the unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis for the six months ended June 30, 2020. For the three months ended June 30, 2020For the three months ended June 30, 2019For the six months ended June 30, 2020For the six months ended June 30, 2019 Total Revenue -  -  -  -  Exploration Expenditures$0.1 million$  2.0 million$  0.2 million$  3.6 million Change in fair value of derivatives$10.9 million $\-- $  0.4 million $   --  Net Loss and Comprehensive loss for the period$9.7 million$  4.0 million$  1.0 million$  6.9 million Basic and Diluted Loss per Share$     (0.03) $     (0.02) $   (0.00) $     (0.03)     As at  June 30, 2020 As at  December 31, 2019   Total assets$197.3 million$130.6 million Current liabilities$20.1 million$8.2 million Non-current liabilities$104.9 million$72.8 million Cash dividends declared$-$-   Grant of Deferred Share Units The Company has granted 100,000 Deferred Share Units to a director of the Company.This press release should be read in conjunction with Pure Gold’s Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis for the six months ended June 30, 2020.  In addition, for further information please see Pure Gold’s Annual Information Form for the fiscal period ended December 31, 2019. These documents can be found on the Company’s website (www.puregoldmining.ca) or under the Company’s profile on SEDAR at www.sedar.com. Shareholders may receive a printed copy of the audited consolidated financial statements, free of charge, upon request.Qualified Persons and 43-101 DisclosureDarin Labrenz, P. Geo., President & CEO for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.About Pure Gold Mining Inc.The Pure Gold Red Lake Mine is Canada’s highest grade gold mine development project.  Fully funded, the project is on track to deliver near term gold production into a rising Canadian gold price environment, with first production scheduled for late 2020. The orebody is situated within a seven- kilometre long gold system that is wide open for expansion at depth and along strike, and multiple discoveries by the Company suggest potential opportunities for near-term growth. Additional information about the Company and its activities may be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com.ON BEHALF OF THE BOARD "Darin Labrenz"                                   Darin Labrenz, President & CEO Investor inquiries: Adrian O’Brien, Director of Marketing & Communications Tel: 604-646-8000 info@puregoldmining.caNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pure Gold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address proposed timing of development plans for the RL Mine Project, timing of expected production, expected capital costs, expected development schedule and the focus of the Company in the coming months . Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pure Gold and there is no assurance they will prove to be correct.Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the RL Mine Project; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; the timing of future economic studies; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 in the section entitled "Risk Factors", under Pure Gold’s SEDAR profile at www.sedar.com.Although Pure Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pure Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.1 See press releases dated July 7, 2020 and July 28, 2020 available at www.puregoldmining.ca under the Company’s Sedar profile at www.sedar.com, for further details about these drill results.