View of the Madsen gold mine. Credit: Pure Gold
West Red Lake Gold Mines (TSXV: WRLG) shares jumped on Thursday after the company approved the official restart of the idled Madsen mine in Ontario.
The board of directors approved management’s recommendation to immediately commence continuous mining activities, the company said on Thursday. The decision comes slightly ahead of the previously communicated mid-2025 target.
Following the news, shares of West Red Lake rose almost 6% Thursday morning in Toronto, giving the company a market capitalization of C$285 million ($206 million).
Initial production is expected to average 500 tonnes per day over the first two months, with a ramp-up planned for the second half of the year.
The Madsen mine was briefly restarted by its former owner, Pure Gold, in 2021, but was shut down a year later due to high costs and inconsistent production. Before that, the…
